Matt purchased equipment at the beginning of July 2017 for $22 000. Matt decided to...
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Accounting
Matt purchased equipment at the beginning of July 2017 for $22 000. Matt decided to depreciate the equipment over a seven year period using the straightline method. Matt estimated the equipment's residual value at $1 000. The estimated fair market value at the end of June 2018 was $19 500. Which of the following statements is correct concerning Matt's financial statements at 30 June 2018?
The carrying amount of the equipment is $19,000
The accumulated depreciation is $4,000
The carrying amount of the equipment is $19,500
The carrying amount of the equipment is $18,000
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