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BE 9 - 1 2 On January 2 , 2 0 2 4 , Ares Enterprises reports balances in the Equipment account of $ 3

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BE9-12
On January 2,2024, Ares Enterprises reports balances in the Equipment account of $32,000 and Accumulated Depreciation-Equipment account of $9,000. The equipment had an original residual value of $2,000 and a 10-year useful life. Ares uses straight-line depreciation for equipment. On this date, the company decides that the equipment has a remaining useful life of only four years with the same residual value. Calculate the revised annual depreciation.
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