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nexus9112 [7]
3 years ago
13

Greg's Copy Shop bought equipment for $60,000 on January 1, 2006. Greg estimated the useful life to be 3 years with no salvage v

alue, and the straight-line method of depreciation will be used. On January 1, 2007, Greg decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2007?a. $20,000b. $8,000c. $10,000d. $15,000
Business
1 answer:
marysya [2.9K]3 years ago
5 0

Answer:

c. $10,000

Explanation:

Depreciation per year = (Cost of equipment - Salvage) / useful life

Depreciation for 1 year (Jan 1,2006 - Jan, 2007) = (60000-0)/3 = 20,000

However, on January 2007, the remaining useful life will change from 2 years to 5-1 = 4 years

Beginning 2007,

accumulated depreciation = 20,000

Remaining Book value of equipment = 60,000 - 20,000 = 40,000

Depreciation for Year 2007  will be = ($40,000 -0)/4 = $10,000

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