What is the book value?
At fiscal year end, our Guttenberg printing press has a current book value of $1,500,000 with an annual depreciation amount equal to $100,000 (assume constant). Tomorrow, new technology is introduced which reduces the market value of this press by 1/3. In 2 yrs, a news flash is released indicating the new printing technology was bogus, implying that our press is still state of the art equipment. At the end of the fiscal yr end two yrs from now, what is the book value of our press?
Well, in keeping with the rules of accounting, market value (and all the news flashes) have nothing to do with book value.
So, the book value of the press two years hence should be:
$1,500,000 – $200,000 = $1,300,000.
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