Question: Calculate the third-year depreciation expense using the revised amounts and straight line method. An asset was purchased for $128,000.00 on January 1, Year 1 and

Calculate the third-year depreciation expense using the revised amounts and straight line method.

Calculate the third-year depreciation expense using the revised amounts and straight line

An asset was purchased for $128,000.00 on January 1, Year 1 and originally estimated to have a useful life of 9 years with a residual value of $12,500.00. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,000.00. Calculate the third-year depreciation expense using the revised amounts and straight line method. Select the correct answer. $24,083.33 $25,583.33 $26,083.33 $25,083.33

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