An asset was purchased for $106,000 on January 1, Year 1 and originally estimated to...
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Accounting
An asset was purchased for $106,000 on January 1, Year 1 and originally estimated to have a useful life of 10 years with a residual value of $11,500. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,000. Calculate the third-year depreciation expense using the revised amounts and straight-line method.
a.$21,275.00
b.$22,275.00
c.$20,275.00
d.$21,775.00
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