Chapter 9 - Revising Depreciation.docx - Chapter 9 Revising Depreciation Revising Depreciation Annual depreciation must be revised if there are Capital

Chapter 9 - Revising Depreciation.docx - Chapter 9 Revising...

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Chapter 9 - Revising Depreciation Revising Depreciation: Annual depreciation must be revised if there are: - Capital expenditures during the useful life of an asset - Impairments in the fair value of an asset - Changes in an asset’s fair value using the revaluation model - Changes in the appropriate depreciation model, asset’s useful life or residual value Capital Expenditures During Useful Life: Expenditures on existing capital assets are classified as operating or capital Ordinary repairs (operating expenditures) - Costs to maintain operating efficiency and productive life of the long-lived asset - Usually small amounts that occur frequently - Debited to Repair Expense as incurred Capital Expenditures During Useful Life 2:
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