Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. provide an example of how to revise straight line

Provide an example of how to REVISE straight line depreciationon an existing asset when...

80.2K

Verified Solution

Question

Accounting

Provide an example of how to REVISE straight line depreciationon an existing asset when there is a CHANGE in estimated usefullife or salvage value by addressing the following points:

1.  How many years of depreciation have already beenrecorded?  

2.  What is the revision in useful life or salvagevalue?

3.  What was depreciation expense per year BEFORE ANDAFTER the revision?

Answer & Explanation Solved by verified expert
4.3 Ratings (910 Votes)
Here we can take an example of change in expected useful life X LTD has machine costing 50000 its expected useful life of 5 years and no residual value is expected at the end of the machines useful life After 3 years the remaining useful life of the machine was estimated to be only 1 years X LTD should    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

In: AccountingProvide an example of how to REVISE straight line depreciationon an existing asset when there...Provide an example of how to REVISE straight line depreciationon an existing asset when there is a CHANGE in estimated usefullife or salvage value by addressing the following points:1.  How many years of depreciation have already beenrecorded?  2.  What is the revision in useful life or salvagevalue?3.  What was depreciation expense per year BEFORE ANDAFTER the revision?

Other questions asked by students

Q

Describe the function of mRNA, rRNA, and tRNA

Biology
Q

Problem Statement: Design a combinational logic circuit that meets the following specifications: • Input: 3-bit binary integer (A),...

Electrical Engineering
Q

37 minutes 37 seconds pletion Status 6 ween a black lab with a Bb genotype...

Biology
Q

Select all that apply A carboxyl group is present in all amino acids and contains...

Biology
Q

8 Two conducting rods are joined in series as shown in the diagram Their conductivity...

Physics
Q

Two fire lookout towers at points A and B are 3 mi apart Find the...

Geometry
Q

Bert is going to claim a depreciation tax credit for his business car. The car...

Basic Math
Q

1 In Fig 6 17 i and ii DE BC Find EC in i and...

Algebra
Q

Longobardi Corporation bases its predetermined overhead rate on...

Accounting
Q

emporary furniture manufactures office desks. The firm budgeted to sell 5,000 desks st 6 Budgeted...

Accounting
Q

Required information [The following information applies to the questions displayed below.] Megamart, a retailer of...

Accounting
Q

Differentiate between stock split and stock repurchasr?

Accounting