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QUESTION
On January 1, 2018, ABC Company purchased equipment for $100,000. The equipment was assigned an estimated life of 15 years and had a salvage value of...
On January 1, 2018, ABC Company purchased equipment for $100,000. The
equipment was assigned an estimated life of 15 years and had a salvage
value of $7,000. On January 1, 2024, ABC Company decided the life of
the equipment should be revised from 15 to 10 years.
Calculate the depreciation expense recorded on the equipment for 2024
assuming ABC Company uses the straight line depreciation method.
