This preview shows page 1. Sign up to view the full content.
Unformatted text preview: the estimate has been changed. It is always with prospective effect B. Prepare the entry to record depreciation for 2005. Cost 60,000 Salvage Value 4,000 Depreciable Value 56,000 Useful Life - years 8 Depreciation per year 7,000 Depreciation for 5 years 35,000 Book Value at end of 5 years 25,000 New Useful Life - years 10 Useful Life left - years 5 Revised Salvage Value 4,500 New Depreciable Value 20,500 New Depreciation per year 4,100 Journal Entry Depreciation Expense - Equipment 4,100 Accumulated Depreciation - Equipment 4,100...
View Full Document
- Spring '11