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Exercise 3: CHANGE IN ESTIMATE (HOMEWORK) ABC Corp. purchased equipment for $1,020,000 which was estimated...

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Accounting

Exercise 3: CHANGE IN ESTIMATE (HOMEWORK) ABC Corp. purchased equipment for $1,020,000 which was estimated to have a useful life of 16 years with a salvage value of $20,000 at the end of that time. Depreciation has been recorded for 10 years on a straight-line basis. In 2018 (year 11), it is determined that the total estimated life should be 20 years with a salvage value of $25,000 at the end of that time. Compute depreciation amount for the year 2018.

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