A diesel-powered tractor with a cost of $145,800 and an estimated residual value of $3,000 is expected to have a useful operating life of 60,000 hours. During April, the tractor was operated 300 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places.

$714

Explanation:

Depreciation is the cost of the asset expensed out with the use due to wear and tear of the asset. There any many method to depreciate the asset which includes.

Hourly rate method is used for this particular question. According to this method the asset is depreciation as it operated for numbers of hours by comparing it with the total operating life.

As per given data

Cost of tractor = $145,800

Residual Value = $3,000

Depreciable value = $145,800 - $3,000 = $142,800

Useful operating Life = 60,000

Tractor operated in April = 300 hours

Depreciation Expense = Depreciable value x Hours Operated in the period / total operating life

Depreciation Expense = $142,800 x 300 hours / 60,000 hours

Depreciation Expense = $714

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