Lacy & Jacobs,Attorneys at Law,purchased office computers for $24,600 on February 1,2009.The computers are estimated to have a $3,000 salvage value and to last for a total of 3 years.The firm has a December 31 yearend and prepares annual financial reports at that time.
Required:
1.Determine the depreciation expense that will be reported on the income statement for the year ended December 31,2009.
2.Determine the balance sheet carrying value (also known as book value)of the computers on December 31,2009,2010 and 2011.
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