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Compute revised annual depreciation and prepare entries

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Question - TANGIBLE ASSETS - On January 1, 2017, the Morgantown Company purchased equipment with an original cost of $30,000. It estimates a 10 year-life with no salvage value. The company uses straight-line depreciation method. However during year 3 (year 2020), Morgantown Company estimates that it will use the machine for an additional 9 years.

Required - Compute the revised annual depreciation and prepare the journal entries on December 31, 2020.

Reference no: EM132574508

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