Depreciation in financial statements
Dynasty Co.uses straight-line depreciation in its financial statements,with depreciation for a partial year rounded to the nearest full month.
On September 28,2018 Dynasty purchased equipment at a cost of $140,000.For financial reporting purposes,the useful life of this equipment was estimated at 5 years,with a $30,000 salvage value.
Compute the depreciation expense relating to this equipment that Dynasty will recognize in its financial statements in the following years.If no depreciation will be recognized in a particular year,write zero.

Question

Quizplus · Accepted Answer

The Answer of Depreciation in financial statements
Dynasty Co.uses straight-line depreciation in its financial statements,with depreciation for a partial year rounded to the nearest full month.
On September 28,2018 Dynasty purchased equipment at a cost of $140,000.For financial reporting purposes,the useful life of this equipment was estimated at 5 years,with a $30,000 salvage value.
Compute the depreciation expense relating to this equipment that Dynasty will recognize in its financial statements in the following years.If no depreciation will be recognized in a particular year,write zero.

Depreciation in Financial Statements