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Calculate revised depreciation

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Question - On January 1, 2021, Planet Express Co. purchase a space ship for $56,000 with an estimated useful life of 5 years and an estimated residual value of $6,000. In January 2024 it was determined that the useful life should be 7 years and the residual value should be $3,000. Planet Express uses the straight-line method to calculate their depreciation and has a December 31 year end. Calculate revised depreciation for 2024.

Reference no: EM133108411

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