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kansas enterprises purchased equipment for $73,500 on january 1, 2021. the equipment is expected to have a ten-year service life, with a residual value of $6,150 at the end of ten years. using the straight-line method, depreciation expense for 2022 and the book value at december 31, 2022, would be:

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Based on the given information, using the straight-line method, the depreciation expense for 2022 and the book value on December 31, 2022, would be $6,735 and $ 60,030 respectively.

What is depreciation?

The expected decline in the worth of an investment property over the course of a financial year is represented by depreciation. To perform a calculation (Cost of an Asset - Residual Value)/Useful Life is the formula for the straight line depreciation method.

To calculate depreciation expense using the straight-line method

Depreciation expense = (($73,500 −  $6,150) /10) = $6,735

To calculate book value using  the straight-line method

Book value = $73,500 - (2*6,735)

                    =$73500- 13470

                    = 60, 030

The depreciation for the year 2022 is $6,735 and the book value on December 31, 2022, would be $ 60, 030.

Learn more about Depreciation, here:

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