Business, 05.05.2020 22:27 sydneyharding36191
Machinery purchased for $150,000 by Tom Brady Co. in 2010 was originally estimated to have a life of 12 years with a salvage value of $24,000 at the end of that time. Depreciation has been recorded for 7 years on this basis. In 2017, it is determined that the total estimated life should be 15 years with a salvage value of $18,000 at the end of that time. Assume straight-line depreciation.(a) Prepare the entry to correct the prior years’ depreciation, if necessary.
(b) Prepare the entry to record depreciation for 2017.
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Machinery purchased for $150,000 by Tom Brady Co. in 2010 was originally estimated to have a life of...
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