Ask Question
14 December, 18:31

A company purchased new furniture at a cost of $16,000 on January 1. The furniture is estimated to have a useful life of 6 years and a $1,000 salvage value. The company uses the straight-line method of depreciation. What is the book value of the furniture on December 31 of the first year?

+4
Answers (1)
  1. 14 December, 20:59
    0
    ($16,000-$1,000) / 6 years = $2,500 per year.

    $16,000 - $2,500 = $13,500
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A company purchased new furniture at a cost of $16,000 on January 1. The furniture is estimated to have a useful life of 6 years and a ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers