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On July 1, 20X1, your company, which uses the straight-line method, purchases 3 machines, as...

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Accounting

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On July 1, 20X1, your company, which uses the straight-line method, purchases 3 machines, as follows:

Cost Salvage Value Useful Life

Machine No. 1 $80,000 $14,000 12 years

Machine No. 2 55,000 10,000 8 years

Machine No. 3 27,000 3,000 5 years

Assets purchased between the 1st and 15th are depreciated for the entire month; assets purchased after the 15th as though they were acquired the following month. What is total 20X1 depreciation for the 3 machines?

Question 8 options:

A $15,925
B $9,471
C $7,963
D $18,942
Assume all companies are on a calendar year unless otherwise stated. On July 1, 20X1, your company, which uses the straight-line method, purchases 3 machines, as follows: Assets purchased between the 1st and 15th are depreciated for the entire month; assets purchased after the 15th as though they were acquired the following month. What is total 20X1 depreciation for the 3 machines? $15,925 $9,471 $7,963 $18,942

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