1. On January 1, 2018, Golden Company purchased a delivery truck for $64,000. The van was estimated to have a 5-year useful life and its salvage value was estimated at $4,000. Golden Company uses the straight-line depreciation method. What is the amount of depreciation expense for 2019 and the accumulated depreciation at the end of 2019?

Depreciation expense for 2019 is $12,000

Accumulated depreciation at the end of 2019 is $24,000

Explanation:

Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of that asset.

It is determined as the depreciable value of the asset over the estimated useful life of the asset where the depreciable value is the difference between the cost and salvage value of the asset

Mathematically,  

Depreciation = (Cost - Salvage value)/Estimated useful life

The accumulated depreciation is the sum of the depreciation charge accumulated over time.

Depreciation = ($64,000 - $4,000)/5

= $12,000

Between January 1, 2018 and the end of 2019 is 2 years,

Accumulated depreciation = 2 * $12,000

= $24,000

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