Kulle Optical Ltd. purchased optical lens coating equipment for $94,000 on January 1, 2024. At that time,
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Kulle Optical Ltd. purchased optical lens coating equipment for $94,000 on January 1, 2024. At that time, management determined that the equipment would have a useful life of five years and a residual value of $18,000. Kulle uses the straight-line depreciation method. On January 1, 2027, management revised its initial estimates and determined that the lens coating equipment would have a useful life of eight years, rather than five years, and that it would have a residual value of $12,000 at the end of that time.
Required
Determine the depreciation expense for 2027.
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Related Book For
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
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