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On the 1st of July 2012 an organisation purchased a vehicle for company use.
Can you please explain how I calculate the following depreciation question:
On the 1st of July 2012 an organisation purchased a vehicle for company use.
The price was $60,000 and has a useful life of six years.
It was depreciated using the straight line method and the vehicle was traded in for its book value on the 30th of June 2016.
My understanding is the following: 60,000 / 6 years = 10,000 per year. What does book value mean, the value at the end - which will be 10,000?
How do I record the purchase in a table over 6 years with debits and credits and accumulated depreciation?
Year One
1/7/2012
