Chapter 17.I, Problem 1RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

*Note: Round answers to the nearest cent when necessary.*

**Calculate the total cost, total depreciation, and annual depreciation for the following assets by using the straight-line method.**

Cost |
Shipping Charges |
Setup Charges |
Total Cost |
Salvage Value |
Estimated Useful Life (years) |
Total Depreciation |
Annual Depreciation |

$45,000 | $150 | $500 | $45.650 |
$3,500 | 10 | $42,150 |
$4,215.00 |

To determine

**To calculate:** The total cost, total depreciation and annual depreciation of the asset when the asset purchased cost is

Explanation

**Given Information:**

The cost of the asset is

**Formula used:**

The steps to calculate annual depreciation by straight line method are as follows:

Step 1: Calculate the total cost.

Step 2: Calculate the total amount of depreciation by subtracting salvage value from the total cost.

Step 3: Calculate the annual depreciation by dividing estimated useful life from the total amount of depreciation

**Calculation:**

Consider the provided cost of asset is

The total cost of the asset is:

Now, using the above formula, the total cost of the asset is:

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