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ballin4eva113
Jan 14, 2009, 09:44 AM
Using the straight line depreciation method, how would I journalize this?

Thomas Company 2006

January 1st-Retired a piece of machinery that was purchased on January 1, 1996. The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.
Curlyben
Jan 14, 2009, 09:55 AM
Thank you for taking the time to copy your homework to AMHD.
Please refer to this announcement: Ask Me Help Desk - Announcements in Forum : Homework Help (http://www.askmehelpdesk.com/finance-accounting/announcement-font-color-ff0000-u-b-read-first-expectations-homework-help-board-b-u-font.html)
ballin4eva113
Jan 14, 2009, 09:56 AM
How would I journalize this using the straight-line depreciation method?

Thomas Company 2006
Dec 31-Discarded a delivery truck that was purchased on January 1, 2002. The truck cost $33,00. It was depreciated based on a 6-year useful life with a $3,000 salvage value.
pready
Jan 14, 2009, 12:05 PM
To compute the depreciation Expense using the Straight Line method (SL) is:

(Cost - Salvage Value)/Useful Life = Depreciation Expense per year.

Next you need to take your Depreciation Expense per year X Number of Years.