On September 30, 2021, Bricker Enterprises purchased a machine for $209,000. The estimated service life is 10 years with a $24,000 residual value. Bricker records partial-year depreciation based on the number of months in service. Depreciation for 2021 using the straight-line method is:

$4,625

Explanation:

Straight line method charges a fixed amount of depreciation for each year the asset is held in business.

Depreciation Charge = (Cost - Residual Value ) ÷ Estimated Useful Life

therefore,

Depreciation Charge = ($209,000 - $24,000) ÷ 10

                                   = $18,500

The annual depreciation is $18,500.

But, the machine was used for only 3 months during the year ( October to December 2021).

therefore,

2021 Depreciation = 3/12 x  $18,500 = $4,625

Conclusion

Depreciation for 2021 using the straight-line method is $4,625

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