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Homework answers / question archive / If a fixed asset, such as a computer, were purchased on January 1st for $1,580 with an estimated life of 3 years and a salvage or residual value of $205, the journal entry for monthly expense under straight-line depreciation is

If a fixed asset, such as a computer, were purchased on January 1st for $1,580 with an estimated life of 3 years and a salvage or residual value of $205, the journal entry for monthly expense under straight-line depreciation is

Accounting

If a fixed asset, such as a computer, were purchased on January 1st for $1,580 with an estimated life of 3 years and a salvage or residual value of $205, the journal entry for monthly expense under straight-line depreciation is

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Computation of Annual Depreciation under Stright Line Method:

Annual Depreciation = (Cost - Salvage Value) / Life in years

= ($1,580-$205) / 3

Annual Depreciation = $458.33

 

Monthly Depreciation = $458.33/ 12 = $38.19

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