jewelf6606 jewelf6606

27-10-2022
Business

Answered

a machine has a cost of $17,100, an estimated residual value of $4,110, and an estimated service life of five years. the machine is being depreciated on a straight-line basis. at the end of the second year, what amount will be reported for accumulated depreciation? (do not round your intermediate calculations. round annual depreciation amount to the nearest dollar amount.)

Answer :

tutorconsortium204 tutorconsortium204

31-10-2022

Depreciation-($17,100 - $4,110) / 8 years = $1,624 per year × 2 years = $3,248.

In accounting, what does depreciation mean?

Depreciation is a non-cash business expense that is estimated over the time that a valuable asset is utilized by your company. Every business can benefit from depreciation by excluding the cost of consuming a portion of an asset's worth from taxable income.

What is depreciation, and how does it work?

Depreciation is the practice of taking the whole cost of an expensive item you purchased for your business out of consideration. However, you deduct some of it over time as opposed to doing it completely in one tax year. You have more control over your budget when you depreciate assets since you can plan how much money is written off annually.

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