On December 1, 2016, a drilling company extended the estimated useful life of certain drilling equipment from 9 to 15 years. The equipment was originally purchased on January 1, 2011 for a cost of $69,000 and salvage of $6,000. The company uses the Straight-line method. Determine Depreciation Expense for 2016:

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To determine the depreciation expense for 2016 we need to calculate the carrying value of t... View the full answer