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Provide an example of how to REVISE straight line depreciationon an existing asset when...

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Accounting

Provide an example of how to REVISE straight line depreciationon an existing asset when there is a CHANGE in estimated usefullife or salvage value by addressing the following points:

1.  How many years of depreciation have already beenrecorded?  

2.  What is the revision in useful life or salvagevalue?

3.  What was depreciation expense per year BEFORE ANDAFTER the revision?

Answer & Explanation Solved by verified expert
4.3 Ratings (910 Votes)
Here we can take an example of change in expected useful life X LTD has machine costing 50000 its expected useful life of 5 years and no residual value is expected at the end of the machines useful life After 3 years the remaining useful life of the machine was estimated to be only 1 years X LTD should    See Answer
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Transcribed Image Text

In: AccountingProvide an example of how to REVISE straight line depreciationon an existing asset when there...Provide an example of how to REVISE straight line depreciationon an existing asset when there is a CHANGE in estimated usefullife or salvage value by addressing the following points:1.  How many years of depreciation have already beenrecorded?  2.  What is the revision in useful life or salvagevalue?3.  What was depreciation expense per year BEFORE ANDAFTER the revision?

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