On January 2, 2024, Ares Enterprises reports balances in the Equipment account of $32,000 and Accumulated DepreciationEquipment
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On January 2, 2024, Ares Enterprises reports balances in the Equipment account of $32,000 and Accumulated Depreciation—Equipment account of $9,000. The equipment had an original residual value of $2,000 and a 10-year useful life. Ares uses straight-line depreciation for equipment. On this date, the company decides that the equipment has a remaining useful life of only four years with the same residual value. Calculate the revised annual depreciation.
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Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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