AP8-13A (Straight-line method depreciation with change in estimate) iMotors Ltd. wanted to improve its assembly...
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AP8-13A (Straight-line method depreciation with change in estimate) iMotors Ltd. wanted to improve its assembly line and purchased robotic equipment for $3.6 million on January 1, 2024. At that time, management determined that the equipment would have a useful life of four years with no residual value and that the straight-line depreciation method would be used. On January 1, 2025, management revised its initial estimate and determined that the company would be able to use the equipment for a total of six years. Required Determine the depreciation expense for 2025.
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