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An asset was purchased on January 1 for $400,000 and was estimated to have a salvage value of $10,000 and a useful life of
An asset was purchased on January 1 for $400,000 and was estimated to have a salvage value of $10,000 and a useful life of 5 years. At the beginning of year 3, salvage value was revised to $5,000 and a total useful life of 6 years. What is the depreciation journal entry for year 3? Is a journal entry needed for this change?
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Financial Accounting
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
5th Canadian edition
133472264, 978-0133446265, 133446263, 978-0133472264
