Answer:
$50,400
Explanation:
Given that,
Cost of equipment = $60,480
Rate of depreciation of equipment = $840 per month
Number of months from January 1, 2022 to December 31, 2022 = 12 months
Depreciation amount for 12 months:
= 12 × $840 per month
= $10,080
Book Value:
= Cost of equipment - Depreciation amount for 12 months
= $60,480 - $10,080
= $50,400
Therefore, the book value of the equipment at December 31, 2022 is $50,400.
