7-3 depreciation objectives: 1) to find accumulated depreciation of a vehicle 2) to calculate...

7-3 DEPRECIATION OBJECTIVES: 1)TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE 2)TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE 3)TO DETERMINE RESALE VALUE Warm Up Find the average of the following numbers: 23, 35, 48, 17, 92, 55

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Page 1: 7-3 DEPRECIATION OBJECTIVES: 1) TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE 2) TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE 3) TO DETERMINE

7-3 DEPRECIATIONOBJECTIVES:1)TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE2)TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE3)TO DETERMINE RESALE VALUEWarm Up

Find the average of the following numbers: 23, 35, 48, 17, 92, 55

Page 2: 7-3 DEPRECIATION OBJECTIVES: 1) TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE 2) TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE 3) TO DETERMINE

7-3 DEPRECIATIONOBJECTIVES:1)TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE2)TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE3)TO DETERMINE RESALE VALUEHomework Answers

Page 3: 7-3 DEPRECIATION OBJECTIVES: 1) TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE 2) TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE 3) TO DETERMINE

7-3 DEPRECIATIONOBJECTIVES:1)TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE2)TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE3)TO DETERMINE RESALE VALUEVocabulary

Average Annual Depreciation – accumulated depreciation / age of the auto

Accumulated Depreciation – the difference between an auto’s purchase price and its resale value

Depreciation – a decrease in value over time

Rate of Depreciation – the ratio of depreciation over a specific time interval to the value at the beginning of that time interval

Page 4: 7-3 DEPRECIATION OBJECTIVES: 1) TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE 2) TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE 3) TO DETERMINE

7-3 DEPRECIATIONOBJECTIVES:1)TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE2)TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE3)TO DETERMINE RESALE VALUEExample 1 p 255

Average Annual Depreciation = (4915 + 2285 + 1835) / 3 = $3012

Average = sum / count

Page 5: 7-3 DEPRECIATION OBJECTIVES: 1) TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE 2) TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE 3) TO DETERMINE

7-3 DEPRECIATIONOBJECTIVES:1)TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE2)TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE3)TO DETERMINE RESALE VALUEExample 2 p 256

Accumulated Depreciation = 4915 + 2285 + 1835 + 1530 = $10,565

To find the accumulated depreciation, we find the sum of each year’s depreciation for the period in question.

If Accumulated Depreciation = Original Price – Resale Value,Then Resale Value = Original Price – Accumulated Depreciation

Resale Value = 20,000 – 10,565 = $9,435

Average Annual Depreciation = 10,565 / 4 = $2,641

Page 6: 7-3 DEPRECIATION OBJECTIVES: 1) TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE 2) TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE 3) TO DETERMINE

7-3 DEPRECIATIONOBJECTIVES:1)TO FIND ACCUMULATED DEPRECIATION OF A VEHICLE2)TO CALCULATE AVERAGE ANNUAL DEPRECIATION OF A VEHICLE3)TO DETERMINE RESALE VALUEHomework

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