Machinery purchased for $46,600 by Martinez Corp. on January 1, 2015, was originally estimated to have...
Exercise 11-16 Machinery purchased for $49,400 by Indigo Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $3,000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years, with a residual value of $4,000 at the end of that time. Assume straight-line depreciation and that Indigo Corp. uses IFRS for financial statement...
Machinery purchased for $70,200 by Sheffield Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,680 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,265 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,600 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,175 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $64.800 by Windsor Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4.320 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,860 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $67,200 by Coronado Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,480 at the end of that time. Depreciation has been entered for 5 years on this basis. 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,040 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if necessary....
Machinery purchased for $72,600 by Kingbird Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $74,400 by Splish Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,960 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,580 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $67,800 by Sunland Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,520 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,085 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $60,600 by Crane Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,040 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,545 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Machinery purchased for $61,800 by Swifty Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,120 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $4,635 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...