Corning Corporation purchased a computer system (accounted for as Office Equipment) for $60,000 on January 1, 2012.

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Corning Corporation purchased a computer system (accounted for as Office Equipment) for $60,000 on January 1, 2012. It was depreciated based on a seven-year life and an $18,000 residual value. On January 1, 2014, Corning revised these estimates to a total useful life of four years and a residual value of $10,000. Prepare Corning's entry to record 2014 depreciation expense. Assume that Corning follows IFRS and uses straight-line depreciation.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  answer-question

Intermediate Accounting

ISBN: 978-1118300855

10th Canadian Edition Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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