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Question - During 2017, Lincoln Company acquired three assets with the following costs, estimated useful lives, and estimated salvage values:
Date
Asset
Cost
Estimated Useful Life
Estimated Salvage Value
March 28
Truck
$30,800
5 years
$5,000
June 22
Computer
37,700
7 years
3,400
October 3
Building
282,200
28 years
47,000
The company uses the straight-line method to depreciate all assets and computes depreciation to the nearest month. For example, the computer system will be depreciated for six months in 2017.
Required - Compute the depreciation expense that Lincoln will record on each of the three assets for 2017.
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