Corning Corporation purchased a computer system for $60,000 on January 1, 2010. It was depreciated based on

Question:

Corning purchased a computer system for $60,000 on January 1, 2010. It was depreciated based on a seven-year life and an $18,000 residual value. On January 1, 2012, Corning revised these estimates to a total useful life of four years and a residual value of $10,000. Prepare Corning’s entry to record 2012 depreciation expense. Assume that Corning follows IFRS and uses straight-line depreciation. Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...