Kobi Technologies book-depreciated an asset at $27,500 per year for 4 years using the straight line method. If the book value at the end of year 2 was $65,000, determine the asset’s (a) salvage value, and (b) first cost.
What will be an ideal response?
(a) Salvage value = book value at end of recovery period, year 4
S = 65,000 – 2(27,500) = $10,000
(b) (B – 10,000)/4 = 27,500
B = $120,000
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