Questions: Match the straight-line depreciation term to the respective definition. cost depreciation expense for the year residual value useful life The cost less residual value of an asset allocated equally over its useful life. The salvage value of the asset at the end of its useful life. The asset's estimated usefulness in years. The amount paid for the asset.

Match the straight-line depreciation term to the respective definition.
cost
depreciation expense for the year
residual value
useful life

The cost less residual value of an asset allocated equally over its useful life.
The salvage value of the asset at the end of its useful life.
The asset's estimated usefulness in years.
The amount paid for the asset.

Transcript text: Match the straight-line depreciation term to the respective definition. cost depreciation expense for the year residual value useful life The cost less residual value of an asset allocated equally over its useful life. The salvage value of the asset at the end of its useful life. The asset's estimated usefulness in years. The amount paid for the asset.

Solution

Solution Steps

Step 1: Match "cost" to its definition

Cost: The amount paid for the asset.

Step 2: Match "depreciation expense for the year" to its definition

Depreciation expense for the year: The cost less residual value of an asset allocated equally over its useful life.

Step 3: Match "residual value" to its definition

Residual value: The salvage value of the asset at the end of its useful life.

Final Answer

Cost: The amount paid for the asset.
Depreciation expense for the year: The cost less residual value of an asset allocated equally over its useful life.
Residual value: The salvage value of the asset at the end of its useful life.
Useful life: The asset's estimated usefulness in years.

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