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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.
Example: Lydia spends $11,000 on office furniture, which she plans to use for the next ten years, after which she believes it will have a value of approximately $2,000. The furnitureâs original cost, minus its expected salvage value is known as its depreciable costâin this case, $9,000.