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Answer #1

Calculation of Annual amount of depreciation expense on this machine

Cost of Machine $475,000
Less: Residual/Salvage Value ($25,000)
Depreciable Value of Machine $450,000
Divide by: Estimated Life 5 Years
Annual Depreciation $90,000

Calculation of amount of accumulated depreciation on the machine at 12/31/2017

Annual Depreciation = $90,000

From 1/1/2015 to 12/31/2017 = 3 Years

Accumulated Depreciation at 12/31/2017 = $90,000 * 3 Years = $270,000

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