On September 1, Emil Rovey purchased a vehicle for $98,000 with a residual value of $5,000. The estimated useful life is 10 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31?

Depreciation expense for the year ended December 31=$3, 100

Explanation:

Depreciation expense for the year using straight line depreciation is given as

First, we calculate the Annual Depreciation

Annual Depreciation = Purchase cost - Residual value/ Number of years

= $98,000 - $5,000 / 10

$93,000 /10

$9300.

Annual depreciation = $9,300,

Therefore, Depreciation expense for year ended December 31.

Annual Depreciation x Period of usage

$9,300 x 4/12 ( September to December

Depreciation expense=$3, 100

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