Watson Tax Planning Service has the following plant assets: Communications Equipment: Cost, $ 7 comma 040 with useful life of eight years; Furniture: Cost, $ 24 comma 000 with useful life of 12 years; and Computer: Cost, $ 12 comma 000 with useful life of four years. (Assume residual value of all the assets is zero.) Watson's monthly depreciation expense calculated using the straightminusline method is . (Round any intermediate calculations to two decimal places, and your final answer to the nearest cent.)

$490

Explanation:

Watson Tax Planning Service has the following plant assets:

Communications Equipment: Cost, $ 7,040 with useful life of eight years; Furniture: Cost, $ 24,000 with useful life of 12 years;

Computer: Cost, $ 12,000 with useful life of four years.

(Assume residual value of all the assets is zero.)

Watson's monthly depreciation expense calculated using the straight line method is $490.

Depreciation on Communications Equipment: Cost, $ 7,040 / 8 years / 12 months = 73.3

Depreciation on Furniture: Cost, $ 24,000 / 12 years / 12 months = 166.7

Depreciation on Computer: Cost, $ 12,000 / 4 years / 12 months = 250

Total monthly depreciation = $490

Total monthly depreciation expense for Watson Tax Planning Service is $490

Explanation:

Straight-line depreciation is calculated by the formula

= (Cost - Residual value) / Useful life

Monthly Straight-line depreciation for:

Communications equipment = [($7,040 - 0) / 8 years] / 12 months

= $73.33

Furniture = [($24,000 - 0) / 12 years] / 12 months

= $166.66

Computer = [($12,000 - 0) / 4 years] / 12 months

= $250

Total monthly depreciation expense = $73.33 + $166.66 + $250

= $490

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