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wMU-Central Authenticatio w Look Up Classes w Register Your iClicker M Chapter 7 Homework x M Check Your Work × C ezto.mheducation.com/hm.tpx ::: G Google Apple Bing D YahoceSafari seLi./ Abdulaziz shlowan ACTY 2100 Principles of Accounting I Fall 2017 Feng: Fall 2017 TR 11 a.m ACCOUNTING Chapter 7 Homework instructions I help Question 3 (of 6) Save & Exit | | Submit value: 2.00 points Togo's Sandwiches acquired equipment on April 1, 2018, for $15,500. The company estimates a residual value of $1,500 and a five-year service life Required Calculate depreciation expense using the straight-line method for 2018 and 2019, assuming a December 31 year-end. 2018 2019 Depreciation expense Hints References eBook & Resources Hint #1

Explanation / Answer

Cost of the machine $ 15,500 Less: Residual value $ (1,500) Depreciable value $ 14,000 Life of the assets 5 Years Depreciation under stright line method ($14,000/5 years) $    2,800 2018 2019 Depreciation expense $2,800 * 9 months/12 months = $2,100 $ 2,800

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