Machinery was purchased for $500000 on January 1, 2022. Freight charges amounted to $13000 and there was a cost of $32000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $50000 salvage value at the end of its 4-year useful life. What is the amount of accumulated depreciation at December 31, 2023 if the straight-line method of depreciation is used?

Accumulated depreciation is referred to as the successive increase in the depreciation of the asset at the defined point of the life of the aaset. It incurs the credit value in its natural form and also causes to reduce the asset value over a defined period of time.  

For computing the accumulated depreciation on December 31, 2023, determine the depreciation expense using the straight-line method:

So, the

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

The amount of accumulated depreciation for the year December, 31, 2023 is $247,500

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$247,500

Explanation:

For computing the accumulated depreciation at December 31, 2023 first we need to determine the depreciation expense using the straight line method which is shown below:

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

where,

Original cost is

= $500,000 + $13,000 + $32,000

= $545,000

So, the depreciation expense is

= ($545,000 - $50,000) ÷ (4 years)

= ($495,000) ÷ (4 years)  

= $123,750

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

So the accumulated depreciation is

= $123,750 × 2 years

= $247,500

The two years is from  January 1, 2022 to  December 31, 2023

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