Mistake, Inc., purchased a machine on January 1, 19X1, for $50,000 and estimated its life...
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Mistake, Inc., purchased a machine on January 1, 19X1, for $50,000 and estimated its life and salvage value to be 6 years and $3,000, respectively. Early in 19X4, Mistake realized that the remaining life is only 2 years and the salvage value will be $2,000.
(a) What correction entry is needed, if any? (b) What will the revised depreciation be for 19X4 and after?
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