Machinery was purchased for $360000 on January 1, 2022. Freight charges amounted to $15000 and there was a cost of $30000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $55000 salvage value at the end of its 10-year useful life. What is the amount of accumulated depreciation at December 31, 2023 if the straight-line method of depreciation is used?

$70,000

Explanation:

The book value of an asset includes the purchase price and other related costs that would make it ready to operate.  For this machinery, its book value will include cost price, transport, and installation expenses.

The cost will be $360, 000 +$15,000 + 30,000

=$405,000

The depreciable amount

= Asset cost - salvage value

=$405,000 -$55,000

=$350,000

Depreciation per year

the depreciation rate is 1/10 x100 =10%

depreciation per year =10/100 x $350,000

=0.1 x $350,000

=$35,000

two-year depreciation will $70,000 ( $35,000 x 2)

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

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