Ivorycoast, Inc purchased a van on January 1, 2017, for $880,000
Estimated life of the van was five years, and its estimated residual value was $101,000. Ivorycoast uses the straight-line method of depreciation. Calculate the book value of the van at the end of 2017.
A) $715,000
B) $825,000
C) $779,000
D) $724,200
D .Depreciation per year = (Cost - Residual value) / Useful life
Depreciation per year = ($880,000 - $101,000 ) / 5 = $155,800
Book value at the end of first year = $880,000 - $155,800 = $724,200
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