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Quest Company acquired equipment on January 1 of Year 1 for $690,000. The life of...

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Accounting

Quest Company acquired equipment on January 1 of Year 1 for $690,000. The life of the equipment was estimated to be 10 years with a $11,500 residual value. At the beginning of Year 6, the company changes its depreciation method to the straight-line method from the double-declining balance method. Required a. Compute annual depreciation expense for Year 1 through Year 5. b. Prepare the Year 6 entry for depreciation expense.

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