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On January 2, Year 1, Flores Company purchased equipment costing $54,000. The equipment has an estimated salvage value of $7,560 and an estimated useful life of 20 years. Flores Company uses straight-line depreciation. On January 5 of Year 8, new information suggests that the equipment will have a total useful life of 13 years and a revised salvage value of $6,840.
Required:
Problem 1. Compute depreciation expense for Year 8.
Problem 2. Compute the book value of the equipment at the end of Year 8.
1. Depreciation expense for Year 8:$2. Book value at the end of Year 8:$
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