Reference no: EM132964244
Browns Corporation purchased equipment costing $350,000 on January 1, 2018. At that time the useful life of the equipment was estimated to be 15 years and the residual value was estimated to be $24,500. Depreciation up to December 31, 2019, has been recorded using the straight-line method and the company operates on a calendar year basis. On January 1, 2020, the estimated useful life was revised to a total of 8 years and the residual value was revised to $10,000.
Instructions
Showing all your calculations:
Problem a) Calculate the annual depreciation for the newly acquired equipment for the years 2018 and 2019,
Problem b) Calculate the net book value of the equipment on December 31, 2019,
Problem c) Calculate the new depreciable amount of the equipment given the updated information on January 1, 2020,
Problem d) Calculate the revised annual depreciation amount for the year 2020,and
Problem e) Prepare the journal entry to record the depreciation expense for 2020.
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