Mobic Inc. acquired some manufacturing equipment in January 2015 for $400,000 with life of 10 years and depreciated on a DD method. During 2018, the manufacturer announced a new technology for this type of equipment that will effectively reducing the asset's life from ten to seven years. In its financial statements for 2018, what amount Mobic should Charge in depreciation expense?

Answer rating: 100% (QA)

Answer Depreciation expense for 2018 400000 0 10 x 3 ... View the full answer