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Class+Exercise+from+3-4-09+_2_ - ACCT 2101 CLASS EXERCISE...

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Unformatted text preview: ACCT 2101 CLASS EXERCISE DATE Topic: Change in Depreciation Estimate Name Section Vineland Company purchased a computer for $60,000 and placed it in operation on January 2, 2006. Depreciation was recorded for 2006 and 2007 using the straight—line method, a 6—year life, and an expected residual value of $2,400. The recent introduction of a new model of this computer in 2008 caused the company to revise its estimate of useful life to a total of 4 years and to reduce the estimated salvage value to $1,000. REQUIRED: Compute the depreciation expense on the computer for 2008 assuming that Vineland Company has been reporting on December 31 year—end. ...
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