Johnson Company purchased a computer system for $66,800 on January 1, 2019. It was depreciated based...
Johnson Company purchased a computer system for $66,800 on
January 1, 2019. It was depreciated based on a 6-year life and an
$17,000 salvage value. On January 1, 2021, Johnson revised these
estimates to a total useful life of 4 years and a salvage value of
$10,000. Johnson uses straight-line depreciation.
Prepare Johnson's entry to record 2021 depreciation expense
Homework Answers
Depreciation Expense per year = (66,800-17,000)/6 = 8300 per year
Book value on Jan 01,2021
= 66,800 - (8300*2) = 50,200
New depreciation expense = (50,200-10,000)/(4-2) = 20,100
| Depreciation expense | 20100 | |
| Accumulated Depreciation - computer | 20100 |
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Brief Exercise 11-07
Crane Company purchased a computer for $8,080 on January 1,
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decimal places, e.g. 45,892.)
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Brief Exercise 11-07
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31, 2022, when it can be sold for $505.
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decimal places, e.g. 45,892.)
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