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On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it...

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Accounting

On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $2,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. The salvage value is not changed. Compute the revised depreciation for both the second and third years.

Book value at point of revision:

remaining depreciable cost:

depreciation per year for years 2 and 3:

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