Revised Depreciation
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Accumulated Useful Life
Type of Date Depreciation In Years Salvage Value
Asset Acquired Cost 1/1/2002 Old Proposed Old Proposed
Building 1/1/1996 $800,000 $114,000 40 50 $40,000 $70,000
Warehouse 1/1/1999 100,000 11,400 25 20 5,000 3,600
How would calculate the revised annual depreciation as of 2002?
And how do you set up the journal entries?
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Solution Summary
The solution explains how to calculate the revised depreciation given a change in useful life and a change in the salvage value.
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