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Revision of Depreciation On January 1, 2019, the Kelley Company ledger showed a building with a cost of $250,000 and related accumulated depreciation of $96,000. The depreciation resulted from using straight-line depreciation with a useful life of 20 years and no residual value. On this date, Kelley determined that the building had a remaining useful life of 16 years and a residual value of $14,000. Required: Determine the depreciation expense for 2019.

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881
BuyFind

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
Publisher: Cengage Learning
ISBN: 9781337690881

Solutions

Chapter
Section
Chapter 7, Problem 34BE
Textbook Problem

Revision of Depreciation

On January 1, 2019, the Kelley Company ledger showed a building with a cost of $250,000 and related accumulated depreciation of $96,000. The depreciation resulted from using straight-line depreciation with a useful life of 20 years and no residual value. On this date, Kelley determined that the building had a remaining useful life of 16 years and a residual value of $14,000.

Required:

Determine the depreciation expense for 2019.

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Chapter 7 Solutions

Cornerstones of Financial Accounting
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