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For each of the following plant assets: 1. Calculate the amount to be depreciated. 2. Calculate the annual depreciation expense using the straight line method.
For each of the following plant assets: 1. Calculate the amount to be depreciated. 2. Calculate the annual depreciation expense using the straight line method. 3. Calculate the depreciation expense for the first year.
Plant Asset | Monthly Owned First Year | Original Cost | Estimated Disposal Value | Estimated Useful Life |
1. Computer | 4 | $10,000 | 1,000 | 3 years |
2. Table | 2 | $13,000 | 1,700 | 7 years |
3. Delivery Van | 9 | $60,000 | 11,000 | 15 years |
4. Chairs | 6 | $12,000 | 1,300 | 10 years |
5. Laptop | 11 | $40,000 | 1,000 | 4 years |
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