The following information is available on a depreciable asset owned by Mutual Savings Bank: Purchase...
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Accounting
The following information is available on a depreciable asset owned by Mutual Savings Bank: Purchase date July 1, Year 1 Purchase price $85,500 Salvage value $10,800 Useful life 9 years Depreciation method straight-line The asset's book value is $68,900 on July 1, Year 3. On that date, management determines that the asset's salvage value should be $5,800 rather than the original estimate of $10,800. Based on this information, the amount of depreciation expense the company should recognize during the last six months of Year 3 would be:
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