Burke Copy Center purchased a machine on January 1, 2012, for $180,000 and estimated its useful life
Question:
Burke Copy Center purchased a machine on January 1, 2012, for $180,000 and estimated its useful life and salvage value at ten years and $30,000, respectively. On January 1, 2017, the company added three years to the original useful-life estimate.
REQUIRED:
a. Compute the book value of the machine as of January 1, 2017, assuming that Burke recognizes the depreciation using the straight-line method.
b. Prepare the journal entry to record depreciation entered by the company on December 31, 2017, assuming that Burke uses the straight-line method.
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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a Depreciation Expense per Year 180000 30000 10 Years 15000 ...View the full answer
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