On January 1, the records of Tasty Treats Corporation (TTC) showed the following regarding production equipment: Equipment

Question:

On January 1, the records of Tasty Treats (TTC) showed the following regarding production equipment:
Equipment (estimated residual value, $ 4,000)………… $ 16,000
Accumulated Depreciation (straight- line, one year)……… 2,000
Required:
Based on the data given, compute the estimated useful life of the equipment.
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...