ABC Corporation purchased a machine for $60,000 on January 1, 2022. The estimated useful life of the
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Question:
ABC Corporation purchased a machine for $60,000 on January 1, 2022. The estimated useful life of the machine is 6 years, and it has no residual value. On December 31, 2022, the company changed the estimated useful life to 8 years. Calculate the following:
a) The depreciation expense for the year ended December 31, 2022, using the original estimated useful life of 6 years
b) The depreciation expense for the year ended December 31, 2022, using the revised estimated useful life of 8 years
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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