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On January 2, 2024, Crane Enterprises reports balances in the Equipment account of $35,000 and...

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Accounting

On January 2, 2024, Crane Enterprises reports balances in the Equipment account of $35,000 and Accumulated Depreciation-Equipment account of $9,910. The equipment had an original residual value of $2,110 and a 10-year useful life. Crane uses straight-line depreciation for equipment. On this date, the company decides that the equipment has a remaining useful life of only 4 years with the same residual value. Calculate the revised annual depreciation. Revised annual depreciation

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