Jb Corporation purchased equipment costing $135,000 on January 1,2018.At that time the useful life of the equipment
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Question:
Jb Corporation purchased equipment costing $135,000 on January 1,2018.At that time the useful life of the equipment was estimated to be 12 years and the residual value was estimated to be $7500.Depreciation up to December 31,2019 has been recorded using the straight line method and the company operates on a calender year basis. On January1,2020 the estimated useful life was revised to a total of 10 years and the residual value was revised to $8000.
Required:
Need to make journal entry to record the depreciation expense for 2020.(show calculations)
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