Change in Estimate Assume that Bloomer Company purchased a new machine on January 1, 2017,...
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Change in Estimate Assume that Bloomer Company purchased a new machine on January 1, 2017, for $66,300. The machine has an estimated useful life of nine years and a residual value of $6,630. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2019, Bloomer discovered that the machine would not be useful beyond December 31, 2022, and estimated its value at that time to be $2,300. Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2017 to 2022. If necessary, round any depreciation calculations to the nearest dollar. Depreciation Expense Accumulated Depreciation Year Book Value 2017 $ 2018 2019 2020 2021 2022 This requires and the past based on 2. Depreciation for 2017 and 2018 was not wrong. Bloomer Company made a estimates are considered since the company used the best information available at that time
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