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Excel_Project_5_James_Holliday

# Excel_Project_5_James_Holliday - Name Problem Course Date...

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Problem 22-6, Page 1 of 2, 05/02/2011, 07:04:29 Name: James Holliday Problem: P22-6, Accounting Change and Error Analysis Course: AC 557 Date: 2/6/2011 1. Depreciable asset A was purchased January 2, 2007. It originally cost \$540,000 and, for depreciation purposes, the straight-line method was originally chosen. The asset was originally expected to be useful for 10 years and have a zero salvage value. In 2010, the decision was made to change the depreciation method from straight-line to sum-of-years'-digits, and the estimates relating to useful life and salvage value remained unchanged. 2. Depreciable asset B was purchased January 3, 2006. It originally cost \$180,000 and, for depreciation purposes, the straight-line method was chosen. The asset was originally expected to be useful for 15 years and have a zero salvage value. In 2010, the decision was made to shorten the total life of this asset to 9 years and to estimate the salvage value at \$3,000 3. Depreciable asset C was purchased January 5, 2006. The asset's original cost was \$160,000 Additional data: 1. Income in 2010 before depreciation expense amount to

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Excel_Project_5_James_Holliday - Name Problem Course Date...

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