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Machinery was purchased for $340000 on January 1, 2022. Freight charges amounted to $12000 and there was a cost of $30000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $45000 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

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Answer:

$168,500

Explanation:

Straight line depreciation expense = (Cost of asset - Salvage value) / useful life

Cost = $340,000 + $30,000 + $12,000 = $382,000

($382,000 - $45000) / 4 = $84,250

Accumulated depreciation is the sum of depreciation

$84,250 × 2 = $168,500

I hope my answer helps you

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