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Thurber Co. purchased equipment for $695,800 which was estimated to have a useful life of 10 years with a salvage value of $12,200 at the end of that...

Thurber Co. purchased equipment for $695,800 which was estimated to have a useful life of 10 years with a salvage value of $12,200 at the end of that time. Depreciation has been entered for 7 years on a straight-line basis. In 2013, it is determined that the total estimated life should be 15 years with a salvage value of $5,600 at the end of that time.

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8413399.xlsx

SOLUTION:
Depreciation = (Cost - Salvage Value) / Useful Life
Old Depreciation = ($695,800 - $12,200) / 10 years
Old Depreciation $68,360.00 Total Depreciation for 7 years = $68,360 * 7 years
Total...

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