[SOLVED] Rose Bush Nursery purchased a delivery truck for $44,200. The truck is expected to have a useful life of 5 years and a residual value of $2,800. If the truck was purchased on June 1, 2019, what is the – Accounting

by | Aug 9, 2022 | Accounting

Rose Bush Nursery purchased a delivery truck for $44,200. The truck is expected to have a useful life of 5 years and a residual value of $2,800. If the truck was purchased on June 1, 2019, what is the amount of depreciation expense for the truck for the year ended December 31, 2019? The company uses the straight-line method of depreciation.Determine the cost of the asset. Subtract the estimated salvage value of the asset from the cost of the asset to get the total depreciable amount. Determine the useful life of the asset. Divide the sum of step (2) by the number arrived at in step (3) to get the annual depreciation.The straight-line method is the simplest depreciation method. Using it, the value of the asset is depreciated evenly over the asset’s useful life. Excel offers the SLN function to calculate straight-line depreciation. Use =SLN(Cost,Salvage, Life).Determine the cost of the asset. Subtract the estimated salvage value of the asset from the cost of the asset to get the total depreciable amount. Determine the useful life of the asset. Divide the sum of step (2) by the number arrived at in step (3) to get the annual depreciation.



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