Brief Exercise 11-2 Sheridan Company purchased machinery on January 1, 2017, for

Question

Brief Exercise 11-2 Sheridan Company purchased machinery on January 1, 2017, for $99,200. The machinery is estimated to have a salvage value of $9,920 after a useful life of 8 years. Your answer is incorrect. Try again. Compute 2017 depreciation expense using the straight-line method. Depreciation expense LINK TO TEXT Your answer is incorrect. Try again. Compute 2017 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2017 Depreciation expenses. LINK TO TEXT

Explanation / Answer

1) Depreciation expense = (Cost of machinery - Salvage value) / Useful life = ($99,200 - $9,920) / 8 = $11,160

2) Depreciation expense = $11,160 × 4/12 = $3,720

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