Question
Entity I purchased a machine on January 1, 2022 for $60,000. It was originally depreciated on a straight-line basis over three years with no salvage
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Entity I purchased a machine on January 1, 2022 for $60,000. It was originally depreciated on a straight-line basis over three years with no salvage value. On December 31, 2023, before adjusting entries had been made, the company decided to change the remaining estimated useful life to 8 years (including 2023). What was the depreciation expense for 2023?
$20,000.
$5,000.
$750.
$2,500.
Entity I purchased a machine on January 1, 2022 for $60,000. It was originally depreciated on a straight-line basis over three years with no salvage value. On December 31, 2023, before adjusting entries had been made, the company decided to change the remaining estimated useful life to 8 years (including 2023). What was the depreciation expense for 2023?
| $20,000. | ||
| $5,000. | ||
| $750. | ||
| $2,500. |
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
16th edition
1259307417, 978-1260153132, 1260153134, 978-1259307416
