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    Scarbor1's Avatar
    Scarbor1 Posts: 3, Reputation: 1
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    #1

    Dec 6, 2012, 11:33 AM
    Practice test
    I want someone to check my homework to see if I'm doing is correct
    Scarbor1's Avatar
    Scarbor1 Posts: 3, Reputation: 1
    New Member
    		  
    #2

    Dec 6, 2012, 11:38 AM
    Practice test
    (4) On January 1, 2012 a machine with a useful life of four years and a residual value of $8,000 was purchased for $40,000. What is the depreciation expense for year 2 (2013) under straight-line depreciation? What is the net book value of the machine at the end of December 31, 2013 (year 2)?

    my answer is

    40,000 - 8,000 = 32,000

    32,000 / 4 = 8,000 deprc.exp.

    40,000 - 16,000= 24,000 is Net Book Value
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #3

    Dec 6, 2012, 12:05 PM
    Your answer is correct.
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