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Machinery purchased for $60,000 by Tom Brady Co. in 2003 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time

Machinery purchased for $60,000 by Tom Brady Co. in 2003 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time
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Solution Guide / Answer Key:

ACC/422 (ACC422)
INTERMEDIATE FINANCIAL ACCOUNTING II
University of Phoenix (UoP)

Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2007).
Intermediate accounting, (12th ed.) (13th Ed.)
Hoboken, NJ: John Wiley & Sons.

Week Four (Week 4)
Chapter 11 and Chapter 12
E11-11 (Depreciation—Change in Estimate) Machinery purchased for $60,000 by Tom Brady Co. in 2003 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2008, it is determined that the total estimated life should be 10 years with a salvage value of $4,500 at the end of that time. Assume straight-line depreciation.

Instructions
(a) Prepare the entry to correct the prior years’ depreciation, if necessary.
(b) Prepare the entry to record depreciation for 2008.

 

FILE: MS WORD

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