Sandhill Co. purchased a new machine on October 1, 2017, at a cost of $80,010. The company estimated that the machine has a salvage value of $7,280. The machine is expected to be used for 72,400 working hours during its 7-year life. Compute the depreciation expense under the straight-line method for 2017 and 2018, assuming a December 31 year-end.

Depreciation Expense is $10,390

Explanation:

Depreciation is the recording of asset expense due to its use. It is due to use of fair value of the asset after use. The expense value reduces the asset value over useful life period.

Under straight line method of depreciation

Depreciation = ( Initial cost of asset - Salvage Value ) / Useful life of asset

Depreciation = ( $80,010 - $7,280 ) / 7

Depreciation = $72,730 / 7

Depreciation = $10,390

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