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Determine the book value on January

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Question - XYZ Co. Purchased a delivery van on January 1, 2000 for $80,000. At the time of purchased it was estimated that the van would be used for 8 years with a $20,000 trade-in value. On January 1, 2004 the company decided to revise the useful life to 10 years and revise the residual value to $15,000. Using straight-line depreciation, determine the book value on January 1, 2004 and the revised depreciation for 2004.

Reference no: EM132571108

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