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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

CALCULATION OF BOOK VALUE On January 1, 20--, a depreciable asset was acquired for $5,760. The asset has an estimated useful life of four years (48 months) and no salvage value. Use the straight-line depreciation method to calculate the book value as of July 1, 20--.

To determine

Calculate the book value as of July 1 by using the straight-line depreciation method.

Explanation

Book value:

It is the value of an asset on the balance sheet by reducing the accumulated depreciation of an asset with the cost of that asset.

Calculate the book value as of July 1 by using the straight-line depreciation method.

Book value = Cost of the assetAccumulated depreciation=$5760$720(1)=$5,040

Therefore, the book value of the asset as of July 1 is $5,040

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