Equipment acquired on January 1,2020,is sold on June 30,2024,for $11,200.The equipment cost $46,200,had an estimated residual value of $6,300,and an estimated useful life of 5 years.The company prepares financial statements on December 31,and the equipment has been depreciated using the straight-line method.On June 30,2024,the company should record Depreciation Expense for the first six months of the year of:

Question

Quizplus · Accepted Answer

($46,200 - $6,300)÷ 5 = $7,980;
$7,980 × 50% = $3,990

Equipment Acquired on January 1,2020,is Sold on June 30,2024,for $11,200