A company's property records revealed the following information about one of its plant assets:
$$\begin{array} { | c | c | c | c | c | }
\hline \text { Cost } & \begin{array} { c }
\text { Salvage } \
\text { Value }
\end{array} & \begin{array} { c }
\text { Purchase } \
\text { Date }
\end{array} & \begin{array} { c }
\text { Estimated } \
\text { Life }
\end{array} & \text { Depreciation Method } \
\hline \$ 450,000 & \$ 30,000 & 10 / 01 & 7 \text { years } & \text { Straight-line } \
\hline
\end{array}$$
Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31.
Year 1$\underline{\quad\quad\quad\quad}$ $\quad $ $\quad $Year 2$\underline{\quad\quad\quad\quad}$

Question

A company's property records revealed the following information about one of its plant assets:
 $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Cost } & \begin{array} { c } 
\text { Salvage } \
\text { Value }
\end{array} & \begin{array} { c } 
\text { Purchase } \
\text { Date }
\end{array} & \begin{array} { c } 
\text { Estimated } \
\text { Life }
\end{array} & \text { Depreciation Method } \
\hline \$ 450,000 & \$ 30,000 & 10 / 01 & 7 \text { years } & \text { Straight-line } \
\hline
\end{array}$$ 
Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31.
 Year 1$\underline{\quad\quad\quad\quad}$ $\quad $ $\quad $Year 2$\underline{\quad\quad\quad\quad}$

Quizplus · Accepted Answer

The Answer of A company's property records revealed the following information about one of its plant assets:
 $$\begin{array} { | c | c | c | c | c | } 
\hline \text { Cost } & \begin{array} { c } 
\text { Salvage } \
\text { Value }
\end{array} & \begin{array} { c } 
\text { Purchase } \
\text { Date }
\end{array} & \begin{array} { c } 
\text { Estimated } \
\text { Life }
\end{array} & \text { Depreciation Method } \
\hline \$ 450,000 & \$ 30,000 & 10 / 01 & 7 \text { years } & \text { Straight-line } \
\hline
\end{array}$$ 
Calculate the depreciation expense for the asset in Year 1 and Year 2 for the year ended December 31.
 Year 1$\underline{\quad\quad\quad\quad}$ $\quad $ $\quad $Year 2$\underline{\quad\quad\quad\quad}$

A Company's Property Records Revealed the Following Information About One