Question

Vaughn Manufacturing purchased equipment for $12240 on January 1, 2017. The company expects to use the equipment for 5 years. It has no salvage value. What balance would be reported on the December 31, 2017 balance sheet for Accumulated Depreciation?

Answer 1

Accumulated Depreciation as on 31st December 2017 is 2448

Step-by-step explanation:

Depreciation using straightline method=Cost of equipment-salvagevalue

useful life of the asset

Depreciation = 12,240-0

5years

Depreciation on 31st December 2017 = $2448