on december 31, 2012, before the books

Project Description:

on december 31, 2012, before the books were closed, the management and accountants of madrasa inc. made the following determinations about three depreciable assets.

depreciable asset a was purchased january 2, 2009. it originally cost $540,000 and, for depreciation purposes, the straight-line method was originally chosen. the asset was originally expected to be useful for 10 years and have a zero salvage value. in 2012, the decision was made to change the depreciation method from straight- line to sum-of-the-years'-digits, and the estimates relating to useful life and salvage value remained unchanged.
depreciable asset b was purchased january 3, 2008. it originally cost $180,000 and, for depreciation purposes, the straight-line method was chosen. the asset was originally expected to be useful for 15 years and have a zero salvage value. in 2012, the decision was made to shorten the total life of this asset to 9 years and to estimate the salvage value at $3,000.
depreciable asset c was purchased january 5, 2008. the asset's original cost was $160,000, and this amount was entirely expensed in 2008. this particular asset has a 10-year useful life and no salvage value. the straight-line method was chosen for depreciation purposes.
additional data:
income in 2012 before depreciation expense amounted to $400,000.
depreciation expense on assets other than a, b, and c totaled $55,000 in 2012.
income in 2011 was reported at $370,000.
ignore all income tax effects.
100,000 shares of common stock were outstanding in 2011 and 2012.
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