Asked by Lisa
A oven for $7,985 with a 5-yr life & residual value of $1,100 was purchased for the store. What is the depreciation expense in yr 2 for the oven? Use the straight-line method.
Answers
Answered by
oobleck
It drops 1/5 of its value each year.
Since it has a salvage value of 1100, that would be
(7985-1100)/5 = ______
Since it has a salvage value of 1100, that would be
(7985-1100)/5 = ______
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