Equipment was acquired on January 1, 2017, at a cost of $75,000. The equipment was originally estimated
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Equipment was acquired on January 1, 2017, at a cost of $75,000. The equipment was originally estimated to have a salvage value of $5, 000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2020, using the double-declining balance method. On January 1, 2021, the estimated salvage value was revised to $7, 000 and the useful life was revised to a total of 8 years.
Calculate book value at the time of revision
Pass the journal entry for the depreciation in 2021
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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