Straight Line Depreciation Journal Entry Method Example, Concept, Illustration, Sample Help Online
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Meaning of Straight Line Depreciation Journal Entry Method
Straight line depreciation method is a method in which cost of a fixed asset is calculated over the useful life of the asset. Since depreciation expense charged to income statement in each period is the same, the amount in the asset side of the balance sheet declines in a straight line. It is one of the easiest methods of calculation of depreciation. Depreciation expense under straight line method is calculated by dividing the depreciable amount of the fixed asset by the useful life of the asset.
- Depreciation Expense: Straight-line Method = Depreciable Amount/Useful Life
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Depreciable amount equals cost minus salvage value. Cost is the amount at which the fixed asset is capitalized. Salvage value or scrap value is the estimated value of the fixed asset at the end of its useful life.
Straight Line Depreciation Journal Entry Method Example Explanation
Understanding straight line depreciation method through an example
Example 1: Suppose the purchase cost of a machinery is $60000. Estimated salvage value is $10000. Number of years of useful life is 5years. Rate of depreciation is 20%.
Solution: depreciable cost of asset= $60000-$10000= $50000
Annual Depreciation expense = $50000/5= $10000.
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