F1 Exam Dumps | An asset cost $250,000 on 1 January 20X1 and on that date was assessed to have a residual value of $40,000

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Question 4/114

An asset cost $250,000 on 1 January 20X1 and on that date was assessed to have a residual value of $40,000 and a useful economic life of six years. On 1 January 20X4 management assessed that the remaining useful economic life of the asset was five years and that the asset had a residual value of nil.
What is the depreciation charge for this asset in the year ended 31 December 20X4?
Give your answer to the nearest whole number.

Correct Answer:

$29000

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