A company purchased an asset on January 1, 2012, for $10,000. The asset was expected to have
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A company purchased an asset on January 1, 2012, for $10,000. The asset was expected to have a ten-year life and a $1,000 salvage value. The company uses the straight-line method of depreciation. On January 1, 2014, the company determines that the asset will last only five more years.
Calculate the amount of depreciation for 2014.
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...
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Depreciation for 2012 and 2013 10000 100010 years 900 per year 2 years ...View the full answer
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Related Book For 
Financial Accounting The Impact on Decision Makers
ISBN: 978-1285182964
9th edition
Authors: Gary A. Porter, Curtis L. Norton
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