ECover Company provides the following information is available on a depreciable asset: 

Purchase date January 1, 2020 

Purchase price $90,000 

Salvage value $10,000 

Useful life 10 years 

Depreciation method straight-line 

On January 1, 2022, management determines that the asset's salvage value should be revised to $5,000 and that the useful life should be revised to a total of 8 years. 

Based on this information, calculate the amount of depreciation expense the company should recognize during 2022.

Answer rating: 100% (QA)

The depreciable amount of the asset is the cost of the asset minus the salvage value Depreciabl... View the full answer