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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

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 $34,800.

Explanation

Given Information:

The cost of the asset is $34,800 and the shipping and the setup charges were $600 and $1,900, respectively. The salvage value of asset is $8,100 and expected to last 6 years.

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,

Total amount of depreciation=Total costSalvage cost

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

Total amount of annual depreciation=Total depreciationestimated useful life

Calculation:

Consider the provided cost of asset is $34,800 and the shipping and the setup charges were $600 and $1,900, respectively

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