Changes in Estimates: 1. Thomas Co. purchased a piece of equipment for $50,000 and estimated...
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Changes in Estimates: 1. Thomas Co. purchased a piece of equipment for $50,000 and estimated the useful life would be 10 years. Thomas used the straight-line method of depreciation. The company learned early in year 5 that the equipment would only last 4 more years. a. Based on the revised estimate, how many years will the equipment be in service? b. Calculate the annual depreciation for each year the equipment is in service
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