Reference no: EM132584259

June 1: Hudson Bloom invested $157,638.00 cash and computer equipment with a fair market value of $40,040.00 in his new business, Byte of Accounting. The fixed assets have estimated useful lives as follows:

Building - 31.5 years

Computer Equipment - 5.0 years

Office Equipment - 7.0 years

• Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $7,500. The office equipment has a scrap value of $300. The computer equipment has no scrap value.

Question 1: Calculate the depreciation for one month. round the answer two decimal places