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Calculate the book value of the equipment at december

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On January 1, 2019, ABC Company purchased equipment for $90,000. The equipment was assigned a life of 20 years and a $6,000 residual value. On January 1, 2023, ABC Company spent $53,000 to overhaul the equipment. This capital expenditure caused ABC Company to change the life of the equipment from 20 years to 28 years with a residual value at the end of the 28 years of $2,000.

Question 1: Assuming that ABC uses the straight-line depreciation method, calculate the book value of the equipment at December 31, 2024.

Reference no: EM132582211

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