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ACC 205 Homework: Week Five Exercises Assignment 1.
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ACC 205 Homework: Week Five Exercises Assignment 1.
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ACC 205 Homework: Week Five Exercises Assignment 1.S10-5
On
February 28, 2017, Rural Tech Support purchased a copy machine for $53,400. Rural Tech Support
expects the machine to last for six years and to have a residual value of $3,000.
Compute depreciation expense on the machine for the year ended December 31,2017, using the straightline method.
Begin by selecting the formula to calculate the company's depreciation expense on the machine for the
year ended December 31, 2017.
Then enter the amounts and calculate the depreciation expense. (Abbreviation used: Acc. = accumulated.
Do not round intermediary calculations. Only round the amount you input for straight-line depreciation to
the nearest dollar.)
Straight-line
[( Cost - Residual Value ) / Useful Life ] x (
Number of
Months / 12 ) = depreciation
[( $53,400 - $3,000 ) / 6 ] x ( 10 / 12 ) = $7,000
Assume that XYZ Catering Services paid $90,000 for equipment with a 15-year life and zero expected
residual value. After using the equipme...
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