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On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $63,000. The equipment had a three-year estimated life with
On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $63,000. The equipment had a three-year estimated life with a $4,800 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $3,800.
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