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Change in Accounting Estimate Company X acquired equipment for $100,000 on January 1, 2013 with...

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Accounting

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Change in Accounting Estimate Company X acquired equipment for $100,000 on January 1, 2013 with a salvage value of $10,000 and a useful life of io years. On January 1, 2016, the equipment was estimated to have no salvage value and a total life of only 8 years. Company X uses the straight-line method of depreciation. Required: (1) Prepare the entry to record depreciation expense for 2016 (2) What is the carrying value of the asset on 12/31/2016? Annual Depreciation Expense - (HC- SV EUL HC Historical Cost SV = Salvage Value EUL-Estimated Useful Life

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