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On January 1,2025, the Pharoah Company general ledger shows Equipment \(\$ 49,100\) and Accumulated Depreciation...

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Accounting

On January 1,2025, the Pharoah Company general ledger shows Equipment \(\$ 49,100\) and Accumulated Depreciation \(\$ 18,520\). The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of \(\$ 2,800\). On this date, the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation \(\$ \)

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