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Equipment was purchased at the beginning of 2019 for $910000. At the time of its purchase, the equipment was estimated to have a useful life
Equipment was purchased at the beginning of 2019 for $910000. At the time of its purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $106000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of 8 years and the expected salvage value was changed to $65500. The amount to be recorded for depreciation for 2022, reflecting these changes in estimates, is $88500. $101600. $105563. $57429
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