Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ALT-DEPRECIATION REVISION Johnson Company purchased a truck for $60,000, that had a life of 10 years and salvage value of $8,000. They depreciated the asset
ALT-DEPRECIATION REVISION | |||||||||
Johnson Company purchased a truck for $60,000, that had a life of 10 years and salvage value of | |||||||||
$8,000. | They depreciated the asset for 3 years, straight line. | At the end of year 3, | |||||||
the company estimated that the remaining life was 4 years, with salvage value of $8,000. | |||||||||
What was the original depreciation amount per year? | 0 | ||||||||
What was the total accumulated depreciation after 3 years? | 0 | ||||||||
What was the book value after 3 years? | 0 | ||||||||
What is the new annual depreciation amount for the next 4 years? | 0 | ||||||||
What is the final book value after the next 4 years? | 0 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started