Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies: Property and Equipment, Policy (Policies)

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Summary of Significant Accounting Policies: Property and Equipment, Policy (Policies)
6 Months Ended
Jun. 30, 2017
Policies  
Property and Equipment, Policy

Property and equipment

Property and equipment are stated at cost.  Major renewals and improvements are charged to the asset accounts while replacements, maintenance and repairs that do not improve or extend the lives of the respective assets are expensed.  At the time property and equipment are retired or otherwise disposed of, the asset and related accumulated depreciation accounts are relieved of the applicable amounts.  Gains or losses from retirements or sales are credited or charged to income.

 

Depreciation is computed on the straight-line and accelerated methods for financial reporting purposes based upon the following estimated useful lives:

 

Computer software

10 years

Computer hardware

5 years

Office furniture

7 years