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    ballin4eva113's Avatar
    ballin4eva113 Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Jan 14, 2009, 10:44 AM
    Straight Line Depreciation
    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's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #2

    Jan 14, 2009, 10:55 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
    ballin4eva113's Avatar
    ballin4eva113 Posts: 5, Reputation: 1
    New Member
    		  
    #3

    Jan 14, 2009, 10:56 AM
    Depreciation Straight Line
    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's Avatar
    pready Posts: 3,197, Reputation: 207
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    #4

    Jan 14, 2009, 01:05 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.
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