In 20x2 it determined that the total life should be 10

Reference no: EM13395551

In 2010, ABC company purchased machine for $300,000 that had a useful life of 5 years, with a salvage value of $50,000 at the end its life. Depreciation was calculated over 2 years on straight-line basis. In 20X2, it determined that the total life should be 10 years with the salvage value of $5,000 at the end its life. Prepare the entry to correct the depreciation for 20X1. Prepare the entry to record the depreciation for 20X2.

Reference no: EM13395551

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