Question: Exercise 6 - 1 4 A ( Algo ) Revision of estimated useful life LO 6 - 2 , 6 - 6 On January 1

Exercise 6-14A (Algo) Revision of estimated useful life LO 6-2,6-6
On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $65,400. The equipment had a three-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,900.
Required
Compute the depreciation expense for each of the four years, Year 1 to Year 4.
\table[[,\table[[Depreciation],[Expense]]],[Year 1,],[Year 2,],[Year 3,],[Year 4,]]
Exercise 6 - 1 4 A ( Algo ) Revision of estimated

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!