ANSWERS TO QUESTIONS

Depreciable Cost ÷ Useful Life = Depreciation Expense For One Year $3,000 ÷ 5 years = $600 per year. The asset was used for 6 months (7/1 – 12/31), therefore 1/2-year of depreciation expense should be reported. Annual depreciation X 6/12 = amount to be reported on … ................
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