Boxer company purchased store equipment for $12,000 on december 3. the store equipment depreciated $500 in december. the book value of the store equipment on december 31 is

Question

Mathias Hancock

Business

7 February, 14:55

Boxer company purchased store equipment for $12,000 on december 3. the store equipment depreciated $500 in december. the book value of the store equipment on december 31 is

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Charlie Russell · Answer 1

The correct answer is $11,500.

The book value of the store equipment is the original cost of the asset, which is $12,000, minus the depreciation, which is $500. Therefore, the book value of the store equipment on December 31 is $12,000 - $500 = $11,500 on December 31.