On January 1, 2012, Roosters Co. purchases equipment for $30,000 and estimates a useful life of eight
Question:
On January 1, 2012, Roosters Co. purchases equipment for $30,000 and estimates a useful life of eight years and a salvage value of $2,000. On January 1, 2014, Roosters revises the equipment's useful life from eight years to five years. Roosters uses the straight-line method of depreciation. Required a. Calculate depreciation expense for 2012, 2013, and 2014. b. Recalculate 2014 depreciation expense assuming that Roosters leaves the useful life at eight years but reduces the salvage value to $0. Salvage Value Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...
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