Equipment was purchased for 17000 on january 1 2010 freight, Ask an Expert

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Equipment was purchased for $17,000 on January 1, 2010. Freight charges amounted to $700 and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $3,000 salvage value at the end of its 5-year useful life. What is the amount of accumulated depreciation at December 31, 2011, if the straight-line method of depreciation is used?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9950049

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