Company purchased equipment at a cost of $120,000 that has a depreciable cost of $90,000 and an estimated useful life of 3 years or 30,000 hours. Using straight-line depreciation, calculate depreciation expense for the second year.

$30,000

Explanation:

The computation of the depreciation expense for the second year using the straight line method is shown below:

As we know that

= (Original cost - residual value) ÷ (useful life)

= ($90,000) ÷ (3 years)  

= $30,000

In this method, the depreciation is the same for all the remaining useful life

Hence, the second year depreciation expense is $30,000

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