On July 1, 20X1, your company, which uses the straight-line method, purchases 3 machines, as...
80.2K
Verified Solution
Link Copied!
Question
Accounting
On July 1, 20X1, your company, which uses the straight-line method, purchases 3 machines, as follows:
Cost Salvage Value Useful Life
Machine No. 1 $80,000 $14,000 12 years
Machine No. 2 55,000 10,000 8 years
Machine No. 3 27,000 3,000 5 years
Assets purchased between the 1st and 15th are depreciated for the entire month; assets purchased after the 15th as though they were acquired the following month. What is total 20X1 depreciation for the 3 machines?
Question 8 options:
A
$15,925
B
$9,471
C
$7,963
D
$18,942
Assume all companies are on a calendar year unless otherwise stated. On July 1, 20X1, your company, which uses the straight-line method, purchases 3 machines, as follows: Assets purchased between the 1st and 15th are depreciated for the entire month; assets purchased after the 15th as though they were acquired the following month. What is total 20X1 depreciation for the 3 machines? $15,925 $9,471 $7,963 $18,942
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
