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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
Expert Solution
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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