Notes: Depreciation for the year was recorded - $23 million for existing fixed assets. 1.) Calculate...

Notes: Depreciation for the year was recorded - $23 million for existing fixed assets.

1.) Calculate the New Depreciation necessary for the new equipment purchased this year, assuming Straight-line depreciation. HHL purchased equipment that cost $150,000 on the account. The equipment is expected to last 15 years and has no salvage value.

Answer the questions below using question 1:

What is the Asset Cost? xxx

What is the Salvage Value? xxx

What is the Asset Life? xxx

What is the Straight-line Depreciation Each Year? xxx

What is the HHL prior year depreciation? xxx

What is the HHL current year additional depreciation? xxx

The HHL total depreciation is? xxx

Expert Solution

ekkarill92 answered 1 year ago

How do you calculate depreciation as a percentage of fixed assets?

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