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Calculate depreciation expense in Year

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Question - An asset was purchased for $140,000. It has an estimated salvage value of $35,000 and estimated useful life of 10 years. After 5 years of use, the estimated salvage value is revised to $28,000 but the estimated useful life is unchanged.

Assuming straight-line depreciation, calculate depreciation expense in Year 6 and prepare the journal entry.

Reference no: EM132530462

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