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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
In the case of an LCD TV with a five-year useful life, that proportion in the first year would be 5/15 (5 useful years/5+4+3+2+1). First year depreciation assuming a $2,500 depreciating value would be $833 (2,500 x 5/15). Second year depreciation would be $667 (2,500 x 4/15).