Solved: On jan 1st 2006 a company purchased a fixed asset for 40034, Accounting Basics

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On jan 1st 2006 a company purchased a fixed asset for 40034

Problem - On Jan 1st, 2006, a company purchased a fixed asset for $40,034, with a residual value of $4,338, and an estimated life of 5 years.

At the end of 2008, the company believes the asset will have a total useful life of 7 years from the date of purchase and a residual value of $3,221.

What will be the amount of depreciation expense for 2009?

The company uses straight line depreciation. Round your answer to whole dollars.

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Accounting Basics: On jan 1st 2006 a company purchased a fixed asset for 40034

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Accounting Basics: On jan 1st 2006 a company purchased a fixed asset for 40034

Reference No:- TGS02447921

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