Question
Apex Fitness Club uses straight-line depreciation for a machine costing $26,850, with an estimated four-year life...
Apex Fitness Club uses straight-line depreciation for a machine costing $26,850, with an estimated four-year life and a $2,900 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,450 salvage value.
Required:
1. Compute the machine’s book value at the end of its second year.
2. Compute the amount of depreciation for each of the final three years given the revised estimates.
Answers
Depreciation = (Cost - Salvage value) /Useful life
= (26,850-2900)/4 = 8987.50 per year
1. Book value = 26,850 - (5987.50*2)
= 14,875
2. Depreciation = (14,875 - 2,450)/3
= 4142
I have rounded some numbers. Comment if you face any issues. I will edit answer immediately
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