Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. swifty corporation purchased equipment in january

Swifty Corporation purchased equipment in January of 2011 for $405000. The equipment was being depreciated...

50.1K

Verified Solution

Question

Accounting

Swifty Corporation purchased equipment in January of 2011 for $405000. The equipment was being depreciated on the straight-line method over an estimated useful life of 20 years, with no salvage value. At the beginning of 2021, when the equipment had been in use for 10 years, the company paid $54000 to overhaul the equipment. As a result of this improvement, the company estimated that the useful life of the equipment would be extended an additional 5 years. What will be the depreciation expense recorded for this equipment in 2021?

Answer & Explanation Solved by verified expert
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

1. Party supply store A rents tables for $10 per day and chairs for $1.50 per...

Statistics
1.2K views

Polyester resins reinforced with fiberglass are used to fabricate wall panels of restaurants. It is theorized...

Biology
1.2K views

Tyrosine hydroxylase (TH) is an enzyme that converts tyrosine to L-Dopa. In your lab, you genetically...

Civil Engineering
1.2K views

A parcel of land is proposed for residential house development. The land is situated beside a...

Biology
1.2K views

6 The acid fast differentiates between acid fast and non acid fast bacterial cells based...

Basic Math
1.2K views

Victor Haddad sold 8 pumpkins for $2.75 each, 9 for $2.00 each, 24 for $1.50...

Algebra
1.2K views

A forest ranger sights a fire directly to the south A second ranger 6 miles...

Algebra
1.2K views

A student was finding solutions to the equation 4 2 5 0 and wrote down...

Accounting
1.2K views

recording interest in the final year Required: 1. Prepare a bond...

Accounting
1.2K views

compare tesco anf woolworths operating cash flow statements and discuess which method( the direct versus...

Accounting
1.2K views

Instructions Head-First Company plans to sell 5,200 bicycle helmets at $73 each in the...

Accounting
1.2K views

which of the following is the correct accounting treatment for a patent