On january 1, 2018, sanderson, inc. acquired a machine for $1,110,000. the estimated useful life of the asset is five years. residual value at the end of five years is estimated to be $91,000. what is the book value of the machine at the end of 2019 if the company uses the straight-line method of depreciation?

$702,400

Explanation:

Data provided in the question:

Cost of the machine acquired = $1,110,000

Useful life of the machine = 5 years

Residual value = $91,000

Method of depreciation is straight line

Now,

Annual depreciation =

or

⇒ Annual depreciation =

or

⇒ Annual depreciation = $203,800

Book value = Cost of the machine - (Total depreciation in the given period)

now,

Duration of period from January 1, 2018 to end of 2019 = 2 years

Therefore,

The total depreciation = 2 × Annual  depreciation

= 2 × $203,800

= $407,600

Hence,

Book value at the end of 2019 = $1,110,000 - $407,600

or

Book value at the end of 2019 = $702,400

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