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    Sunshine21's Avatar
    Sunshine21 Posts: 4, Reputation: 1
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    #1

    Dec 4, 2007, 09:38 AM
    Book Value and yrs used of equipment
    If it was recorded that a piece of equipment had a book value of 49,000. Was purchased for 74,000. Had a salvage value of 4,000. And 14 yrs of useful life. How long has the company owned the equipment?
    Gator1087's Avatar
    Gator1087 Posts: 17, Reputation: 3
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    #2

    Dec 4, 2007, 12:20 PM
    I assume you're using straight-line depreciation so:
    74,000-4,000=70,000 your depreciation base
    70,000/14yrs = 5,000 depreciation per year
    74,000-49,000= 25,000 accumulated depreciation
    25,000/5,000= 5 years
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