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Gibco Metal purchased a welder on September 1, 2018 at a cost of $50,000. Depreciation...

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Accounting

Gibco Metal purchased a welder on September 1, 2018 at a cost of $50,000. Depreciation for 2018 and 2019 was based on an estimated 8-year useful life and $2,000 estimated residual value. In 2020, Gibco revised its estimates and now believes the welder will have a total service life of an additional one more year than the initial estimate but the residual value will be only $1,000. Gibco uses the straight-line method to depreciate all assets. Gibco Metal has a December 31 year end.

calculate depreciation expense for 2020

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