On april 1 of the current year, frey company purchases and places into service new equipment. the cost of the equipment is $75,000. the equipment has an estimated 10-year life and $15,000 salvage value at the end of its useful life. what is the depreciation expense for the current year ending december 31 if the company uses the straight-line method of depreciation?

The depreciation expense by December 31=$4,500

Explanation:

The expression for the depreciable cost is as follows;

depreciable cost=Acquisition cost-salvage value

where;

acquisition cost=$75,000

residual value=$15,000

replacing;

depreciable cost=75,000-15,000=$60,000

depreciable cost=$60,000

The annual depreciation can be expressed as;

annual depreciation=depreciable cost/estimated life

where;

depreciable cost=$60,000

estimated life=10 years

replacing;

annual depreciation=60,000/10=6,000

annual depreciation=$6,000

depreciation between April 1 and December 31=(9/12)×6,000=$4,500

depreciation by December 31=$4,500

The depreciation expense by December 31=$4,500

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