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Calculate textbook value of the equipment at december

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Reference no: EM132873353

ABC Company purchased equipment on January 1 2016 for $200,000. The equipment was assignment an expected life of 10 years and a residual value of 5000. The straight line method will be used to record depreciation.

On January 2021 ABC company spent 40000 to overhaul the equipment. This capital expenditure resulted in ABC company changing the life of the equipment from 10 years to 15 years and adjusting the residual value to be 1500 at the end of 15 years.

Problem 1: Calculate textbook value of the equipment at December 31, 2024

Reference no: EM132873353

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