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Togo's Sandwiches acquired equipment on April 1, 2012, for $13,000. The company estimates a residual value of

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Togo's Sandwiches acquired equipment on April 1, 2012, for $13,000. The company estimates a residual value of $1,000 and a five-year service life.
Required:
Calculate depreciation expense using the straight-line method for 2012 and 2013, assuming a December 31 year-end.
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Related Book For  answer-question
Financial Accounting

Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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In accounting terms, depreciation is defined as the reduction of the recorded cost of a fixed asset in a systematic manner until the value of the asset becomes zero or negligible. An example of fixed assets are buildings, furniture, office equipment, machinery, etc. The land is the only exception that cannot be depreciated as the value of land appreciates with time. Depreciation allows a portion of the cost of a fixed asset to be the revenue generated by the fixed asset. This is mandatory under the matching principle as revenues are recorded with their associated expenses in the accounting period when the asset is in use. This helps in getting a complete picture of the revenue

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