Chapter 17.I, Problem 8RE

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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.**

Shipping |
Setup |
Total |
Salvage |
Estimated Useful life |
Total |
Annual |
|||||||

Cost |
Charges |
Charges |
Cost |
Value |
(years) |
Depreciation |
Depreciation |
||||||

8. $34,800 | $600 | $1,900 | _______ | $8,100 | 6 |

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 by using the formula,

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

**Calculation:**

Consider the provided cost of asset is

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