Changing an asset’s useful life [10-15 min]
Everyday Hardware Consultants purchased a building for $540,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value is $96,000. After using the building for 15 years, Everyday realized that wear and tear on the building would wear it out before 40 years. Starting with the 16th year, Everyday began depreciating the building over a revised total life of 25 years.
Requirement
1. Journalize depreciation on the building for years 15 and 16.
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