On January 1, 2023, Company ABC purchased a machine for $50,000. The machine has a useful life of 10 years and a residual value of $5,000. The company uses the straight-line method to depreciate its assets. On December 31, 2023, Company ABC decided to change the useful life of the machine to 8 years. Calculate the depreciation expense for the year 2023 before and after the change in useful?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Before the change in useful life To cal... View the full answer