In: Accounting
On July 1, 2020, Burgoyne Corp. purchased a new piece of equipment for $300,000. The equipment has an estimated useful life of 5 years and an estimated residual value of $25,000. Burgoyne uses the calendar year as its fiscal year, and records depreciation to the nearest month.
a:$60,000
b:$30,000
c:$27,500
d:$55,000
Note
If you have any queries kindly post a comment, i will solve it earliest.
If you satisfied with my answer, kindly give a thumbs up, it will help to encourage me.