a tractor at a cost of "$540,000". The tractor has an estimated salvage value of $60,000 and an estimated life of 8 years, or 12,000 hours of operation. The tractor was purchased on January 1, 2019 and was used 2,400 hours in 2019 and 2,200 hours in 2020. What amount will Spencer Company report as depreciation expense over the 8-year life of the equipment using straight-line depreciation

$60,000

Explanation:

The computation of the depreciation expense using the straight line method is shown below:

= (Original cost - residual value) ÷ (useful life)

= ($540,000 - $60,000) ÷ (8 years)

= ($480,000) ÷ (8 years)  

= $60,000

In this method, the depreciation is the same for all the remaining useful life

We simply used the above formula

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1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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