Equipment was acquired on January 1, 2009, at a cost of $90,000. The equipment was originally estimated have a salvage value of $5,000 and an estimated life of 10 years. Depreciation has peen recorded through December 31, 2012, using the straight-line method. On January 1, 2013, the estimated salvage value was revised to $6,000 and the useful life was revised to a total of 8 years. Requirement: Determine the depreciation expense for 2013.

Equipment was acquired on January 1, 2009, at a cost of $90,000. The equipment was originally estimated have a salvage value of $5,000 and an estimated life of 10 years. Depreciation has peen recorded through December 31, 2012, using the straight-line method. On January 1, 2013, the estimated salvage value was revised to $6,000 and the useful life was revised to a total of 8 years. Requirement: Determine the depreciation expense for 2013.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4EB: Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is...

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