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Show calculations for the annual straight-line depreciation

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Reference no: EM132329171

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Example Company purchased a machine on January 2, 2015 The total cost of the purchase was $76,000. The machine has an estimated salvage value of $10,000 and an estimated useful life of 6 years. In June of 2016, the company spent $2,000 to overhaul the machine's engine; this changed the estimate of the machine's total useful life to 8 years.

Depreciation for 2015 and 2016 had already been recorded before the overhaul. Show calculations for the annual straight-line depreciation amounts for this asset for 2015, 2016, 2017 and 2018.

Reference no: EM132329171

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