Brief Exercise 8-7 (Algo) Revision of estimated useful life LO 8-7 On January...
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Brief Exercise 8-7 (Algo) Revision of estimated useful life LO 8-7 On January 1, Year 1, Merry Berry Creamery purchased a machine that makes ice cream for $44,000. The machine had a five-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Merry Berry revised the expected life of the machine to seven years rather than five years. The salvage value was also revised to $2,900. Required: Compute the depreciation expense for each of the four years, Year 1 through Year 4
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Brief Exercise 8-7 (Algo) Revision of estimated useful life LO 8-7 On January 1, Year 1, Merry Berry Creamery purchased a machine that makes ice cream for $44,000. The machine had a five-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Merry Berry revised the expected life of the machine to seven years rather than five years. The salvage value was also revised to $2,900. Required: Compute the depreciation expense for each of the four years, Year 1 through Year 4 