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Original Accumulated depreciation = (71400-4760/8*5) = 41650
Revised depreciation = (71400-41650-5355)/5 = 4879
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Exercise 11-11 Machinery purchased for $71,400 by Vaughn Co. in 2013 was originally estimated to have...
Machinery purchased for $71,400 by Waterway Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,760 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 $5,355 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if...
Exercise 11-11 Machinery purchased for $66,000 by Splish Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,400 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $4,950 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior year's...
Machinery purchased for $70,800 by Wildhorse Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,720 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 $5,310 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...
Exercise 11-11 Machinery purchased for $63,600 by Skysong Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,240 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 $4,770 at the end of that time Assume straight-line depreciation Prepare the entry to correct the prior years'...
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. Your answer is partially correct. Try again. Prepare the entry...
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...