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At January 1, 2022, Porter Manufacturing revised the estimated useful life of a major piece of machinery. Due to advancements in technology, the company reassessed the useful life of the machinery and determined that it would be productive for only 6 more years starting from that date.  At December 31, 2021, the machinery had a book value of $120,000. Depreciation for 2021 was based on a remaining useful life of 10 years and no salvage value. The company uses straight-line depreciation. What is the revised depreciation expense for 2022?   Answer a.   $20,000   b.   $12,000   c.   $25,000   d.    $15,000

At January 1, 2022, Porter Manufacturing revised the estimated useful life of a major piece of machinery. Due to advancements in technology, the company reassessed the useful life of the machinery and determined that it would be productive for only 6 more years starting from that date.  At December 31, 2021, the machinery had a book value of $120,000. Depreciation for 2021 was based on a remaining useful life of 10 years and no salvage value. The company uses straight-line depreciation. What is the revised depreciation expense for 2022?   Answer a.   $20,000   b.   $12,000   c.   $25,000   d.    $15,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At January 1, 2022, Porter Manufacturing revised the estimated useful life of a major piece of machinery. Due to advancements in technology, the company reassessed the useful life of the machinery and determined that it would be productive for only 6 more years starting from that date.  At December 31, 2021, the machinery had a book value of $120,000. Depreciation for 2021 was based on a remaining useful life of 10 years and no salvage value. The company uses straight-line depreciation. What is the revised depreciation expense for 2022?


 

Answer

a.

 

$20,000


 

b.

 

$12,000


 

c.

 

$25,000


 

d.

 

 $15,000

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