Calculate depreciation expense with change in estimate of salvage value. (LO 4) On January 1, 2007, the
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Calculate depreciation expense with change in estimate of salvage value. (LO 4) On January 1, 2007, the Lance Corporation purchased a machine at a cost of \(\$ 55,000\). The machine was expected to have a useful life of 10 years and no salvage value. The straightline depreciation method was used. In January 2009, the estimate of salvage value was revised from \(\$ 0\) to \(\$ 6,000\). How much depreciation should Lance Company record for 2009 ?
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