Equipment acquired at the beginning of the year at a cost of $340,000 has an estimated residual value of $45,000 and an estimated useful life of 10 years. determine the following. round your answer for the straight-line rate to one decimal place, if necessary.

Using straight-line rate, we are finding the annual depreciation with equal annual reductions.

Thus, total depreciation = 340,000 - 45,000 = 295,000
Duration of depreciation = 10 years
Therefore, using the straight-line rule, the annual depreciation is 29,500.

straight-line rate  is $29,500 per year.

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