On January 2, Dice Co. purchases a mixing machine for $25,500. The machine is expected to last four years and has a salvage value of $5,500.
Assuming the company uses the straight-line method, depreciation expense should be $ per year.

The answer is $5,000

Explanation:

The formula for depreciation using the straight-line method is:

(Cost of asset - residual(salvage value) ÷ useful life.

Cost of the asset is $25,500

Salvage value is $5,500

Useful live of the asset is 4 years

($25,500 - $5,500) ÷ 4

$20,000 ÷ 4

= $5,000

Therefore, depreciation expense for the year is $5,000

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