Create the appropriate adjusting entry for depreciation

Assignment Help Financial Accounting

Reference no: EM13124628

Evergreen Ltd. purchased a cold storage unit on January 2, 2006, at a cost of $640,000. The unit was depreciated using the straight-line method over an estimated 10-year useful life with an estimated residual value of $40,000. On January 1, 2009, the estimate of useful life was changed to a total of 12 years, and the estimate of residual value was changed to $20,000.

Required:
Prepare the appropriate adjusting entry for depreciation in 2009 to reflect the revised estimate.

Reference no: EM13124628

Questions Cloud

Computing its annual deloetion expense for the minerals : Which depletion method does Kent use to compute its annual deloetion expense for the minerals remove from the ground?

Write a sentence that correctly interprets interval : Calculate the 95% confidence interval for the population proportion of patients who are successfully treated. (c) Write a sentence that correctly interprets this interval.

Discuss lady macbeth''s role in the play macbeth. : Discuss Lady Macbeth's role in the play Macbeth.

Calculate the total dollar amount of discount : Calculate the total dollar amount of discount or premium amortization during the first year (5/1/04 through 4/30/05) these bonds were outstanding. (Show computations and round to the nearest dollar.)

Create the appropriate adjusting entry for depreciation : On January 1, 2009, the estimate of useful life was changed to a total of 12 years, and the estimate of residual value was changed to $20,000. Create the appropriate adjusting entry for depreciation in 2009 to reflect the revised estimate.

Find the probability that two games end in row : 6 are won by peace and 4 are won by queen and 2 end in a draw. they agree to play a tournament consisting of 3 games. Find the probability that: 2 games end in a row.

Linear equation-slope-intercept form : Given that the y-intercept of a line is (0,-5) and the slope is 1/3, find the equation of the line in slope-intercept form. What is the x-intercept?

Automorphism and abelian group and gcd : Automorphism, Abelian Group and GCD, Let G be a finite Abelian group of order n, and let m be a positive integer with gcd(m,n)=1. Prove that φ:G-->G defined by φ

What is molality of ethanol : An aqueous solution is 22.0% by mass ethanol, CH3CH2OH, and has a density of 0.966 g/mL. what is molality of ethanol

User Account

All Pages