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Iverycoast Inc. purchased a van on January 1, 2015, for $800,000.Estimated life of the van was 5 years, and its estimated residual value was $90,000.Iverycoast
Iverycoast Inc. purchased a van on January 1, 2015, for $800,000.Estimated life of the van was 5 years, and its estimated residual value was $90,000.Iverycoast uses the straight-line method of depreciation.At the beginning of 2017, the company revised the total estimated life of the asset from 5 years to 4 years.The estimated residual value remained the same as estimated earlier.Calculate the depreciation expense for the year 2017.
- $145,000
- $250,000
- $213,000
- $220,000
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