Compute the revised annual depreciation.
On January 1, 2015, the Morgantown Company ledger shows Equipment $61,700 and Accumulated Depreciation―Equipment $9,980. The depreciation resulted from using the straight-line method with a useful life of 12 years and salvage value of $2,400. On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value.
Compute the revised annual depreciation.
| Revised annual depreciation | $
|
Homework Answers
Book Value Of Equipment = Cost - Accumulated Depreciation (61,700 - 9,980) = 51,720 | |||||||
Revised Annual Depreciation = (Book Value - Salvage Value / Revised Life (51,720-2,400)/5 => (49,320)/5 =9,864 | |||||||
On January 1, 2015, the Morgantown Company ledger shows Equipment $61,700 and Accumulated Depreciation―Equipment $9,980. The depreciation resulted from using the straight-line method with a useful life of 12 years and salvage value of $2,400. On this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value.
Compute the revised annual depreciation.
| Revised annual depreciation | $
|
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