Music Equipment owned by the business: original purchase price was $48,000, estimated useful life was 10 years, and estimated residual value was $8,700 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.

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To calculate the monthly depreciation charge using the straigh... View the full answer