Residual value, also referred to as salvage value, is the amount the company expects to receive from selling the asset at the end of its service life.
32. With the straight-line depreciation method, we allocate an equal amount of the depreciable cost to each year of the asset’s service life.
33. When a change in estimate is required, the company changes depreciation in prior, current and future years.
34. Straight-line depreciation assumes that the benefits we derive from the use of an asset are the same each year.
35. Declining-balance depreciation will be lower than straight-line depreciation in earlier years, but higher in later years.
36. In an activity-based depreciation method, we allocate an asset’s cost based on its use.
37. Straight-line produces a lower net income than accelerated methods in the earlier years of an asset’s life.
38. Straight-line, declining-balance, and activity-based depreciation all are acceptable depreciation methods for both financial reporting and tax reporting.
39. Most companies use straight-line amortization for intangibles and credit the amount of amortization to the intangible asset account itself rather than to Accumulated Amortization.
40. Goodwill is amortized over its estimated useful life.
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