A machine depreciate in value at the rate of 10% every year on reducing balance. if the original cost is 20000 and the scrapped value is 13122, how long has the equipment been used?

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Answer: 10 years

Explanation:

The original cost of the machine = 20000

The scrap value of the machine = 13122

Value of the machine = ( 20000 - 13122 ) = 6878

Depreciation of the machine for the first year = ( 6878 * 10 % )
= 687.8
So, the effective life of the machine is = ( 6878 / 687.8 )
= 10 years

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A machine depreciate in value at the rate of 10% every year on reducing balance. if the original cost is 20000 and the scrapped value is 13122, how long has the equipment been used?​

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A machine depreciate in value at the rate of 10% every year on reducing balance. if the original cost is 20000 and the scrapped value is 13122, how long has the equipment been used?