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An industrial company had equipment worth 20,000 that it bought two years ago, and its useful life was estimated at that time at 5 years, and at the end of the current year the company decided to extend its useful life to 4 years from now, if it knew that the company was using the straight-line method and decided to switch to the sum of numbers method The years.
Required:
Problem 1: Calculate the new depreciation expense according to the new depreciation method. And write the necessary daily entries And the presentation statement in the financial statements of the equipment
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