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total depreciation expense
on April 1, 2002, the pacific landscaping company purchased a new lawnmower for $25,000. The lawnmower has an estimated life of four years and a $5,000 salvage value. Pacific landscaping uses the straight-line method of depreciation. Total depreciation expense for the year ended December 31, 2002, is
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Take the cost less the salvage value divided by number of years to get the yearly amount of depreciaton. But 2002 is a partial year, therefore you take the yearly amount times the number of months divided by 12 months (9/12 months) to get your depreciation expense for year 2002 because you had the asset for 9 months in the year. |
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