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Worldwide Interiors Inc. purchased machinery on January 1, 2019 for $60,000 cash. It has an estimated useful life of 3 years, with no residual value,
Worldwide Interiors Inc. purchased machinery on January 1, 2019 for $60,000 cash. It has an estimated useful life of 3 years, with no residual value, and depreciation is calculated using the straight-line method. During 2021, Worldwide determined that the estimated useful life should be revised to a total of 5 years and the residual value changed to $10,000. Instructions Prepare the entry to record revised depreciation for the year ended December 31, 2021.
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