Homework Answers
| Depreciation when useful life is 6 years =($100,000 - $10,000) / 6 years =$15,000 | |||
| Carrying value of equipment as on 1/1/2019 =$100,000 - ($15,000*4) =$40,000 | |||
| Revised useful life =9 years | |||
| Remaining revised useful life =9 - 4 =5 years | |||
| Revised Depreciation on equipment =($40,000 - $8,000) / 5 years =$6,400 | |||
| Date | Account and explanation | Debit | Credit |
| Dec-31 | Depreciation expenses-Equipment | $6,400 | |
| Accumulated Depreciation-Equipment | $6,400 | ||
| Book value at the end of Dec 31,2019 =$40,000 - $6,400 =$33,600 | |||
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