Sheridan Snowboarding Company, a public company, purchased equipment on January 10, 2020, for $660,000. At that time, management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Sheridan uses the straight-line method of depreciation and has a December 31 year end. Sheridan tested the equipment for impairment on December 31, 2024, after recording the annual depreciation expense. It was determined that the equipments recoverable amount was $289,000, and that the total estimated useful life would be eight years instead of 10, with a residual value of $10,000 instead of $50,000.

What will appear on Sheridan's 2024 balance sheet with regard to this equipment?

Sheridan Snowboarding Company Balance Sheet (Partial) choose the accounting period December 31, 2024For the Quarter Ended December 31, 2024For the Year Ended December 31, 2024

Assets

select an opening section name Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant, and EquipmentShareholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Shareholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant, and EquipmentTotal Shareholders' Equity

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