On July 1, 2017, Wyler Company placed a new asset into service. The cost of the asset was $90,000 with an estimated 9-year life and a $9,000 salvage value. Assuming a fiscal year-end of December 31, what is the depreciation expense for 2018 if Wyler Company uses the straight-line method of depreciation

$9000

Explanation:

Depreciation is a systematic allocation of the cost of an asset over its useful life. One method of depreciation is the straight line method where the value of an asset is uniformly and gradually written off over its useful life

Working

Cost of asset - $90000

Useful life - 9years

Salvage value - $9000

Fiscal year - (Jan 1- Dec 31)

Depreciable amount- (90000-9000)= $81000

Annual depreciation (straight line ) 81000/9 = $9000

December 31 2017 depreciation expense = $9000*1/2 = 4500

Decemebr 31 2018 depreciation expense = $9000

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