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On January 1, 2016, Denver Company bought a machine for $60,000. It was then estimated...

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Accounting

On January 1, 2016, Denver Company bought a machine for $60,000. It was then estimated that the useful life of the machine would be eight years with a salvage value of $8,000. On January 1, 2020, it was decided that the machine's total life from acquisition date should have been only six years with a residual value of only $2,000. The company used straight-line depreciation.

1. Compute depreciation expense for 2020 (1/1/20 ~ 12/31/20).

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