Computer equipment was acquired at the beginning of the year at a cost of $57,000 that has an estimated residual value of $9,000 and an estimated useful life of five years. Determine the second-year depreciation using the straight-line method.

$9,600

Explanation:

When you use the straight line depreciation method, the depreciation expense is the same for every year. The only difference can result if the asset was purchased during the year, and the depreciation for year 1 would only be partial and proportionate to the number of months of use.

In this case, the depreciation expense per year = (purchase price - residual value) / useful life = ($57,000 - $9,000) / 5 = $48,000 / 5 = $9,600 per year (the depreciation expense is the same for all the five years).

the interest will be $59.71

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