On July 1, 2014, Sport Company purchased for $2,880,000 snow making machine equipment having an estimated useful
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Question:
On July 1, 2014, Sport Company purchased for $2,880,000 snow making machine equipment having an estimated useful life of 5 years with an estimated salvage value of $120,000. Depreciation is taken for the portion of the year the asset is used.
Instructions; determine the depreciation expense and year-end book values for 2014 & 2015
a)
| Sum-of-the-years'-digits method | 2014 | 2015 |
| Equipment | $2,880,000 | $2,880,000 |
| Less: Accumulated Depreciation | ||
| Year-End Book Value | ||
| Depreciation expense |
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