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Waterway Company purchased a computer system for $86,700 on January 1, 2019. It was depreciated based on a 8 -year life and an $16,700 salvage
Waterway Company purchased a computer system for $86,700 on January 1, 2019. It was depreciated based on a 8 -year life and an $16,700 salvage value On January 1,2021, Waterway revised these estimates to a total useful hife of 4 years and a salvage value of $10,500. Waterway uses straight-line depreciation. Prepare Waterway's entry to record 2021 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the omounts.)
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