Assume that ABC Catering Services paid 20 000 for equipment with
Assume that ABC Catering Services paid $20,000 for equipment with a 10-year life and zero expected residual value. After using the equipment for four years, the company determines that the asset will remain useful for only three more years.
1. Record depreciation expense on the equipment for year 5 by the straight-line method.
2. What is accumulated depreciation at the end of year 5?
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