Business, 19.04.2021 15:20 acaciacoats
Machinery purchased for $73,800 by Blossom Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,920 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,535 at the end of that time. Assume straight-line depreciation.
Required:
Prepare the entry to correct the prior years' depreciation, if necessary.
Answers: 2
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Machinery purchased for $73,800 by Blossom Co. in 2016 was originally estimated to have a life of 8...
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