Equipment costing $90,000 with a useful life of 10 years and a residual value of $6,000 has
Question:
Equipment costing $90,000 with a useful life of 10 years and a residual value of $6,000 has been depreciated for 6 years by the straight-line method. Assume a fiscal year ending December 31.
(a) What is the book value at the end of the fifth year of use?
(b) If early in the seventh year it is estimated that the remaining useful life is 5 years (instead of 4) and the residual value is still $6,000, what is the amount of depreciation for the seventh year?
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Related Book For 
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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