On January 2, 2017, the Matthews Band acquires sound equipment for concert perfo

Question

On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $65,200. The band estimates it will use this equipment for five years, during which time it anticipates performing about 200 concerts. It estimates that after five years it can sell the equipment for $2,000. During year 2017, the band performs 45 concerts. Compute the year 2017 depreciation using the straight-line method. eBook Straight-Line Depreciation Annual Depreciation Expense Print Choose Numerator: Choose Denominator: Cost Depreciation expense

Explanation / Answer

(Cost-Salvage value)/ Useful life =Depreciation expense (65200-2000)/ 5 =$12640.

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