crane company purchased aa depreciatble asset for $614000 on january 1, 2018. the estimated salvage value os $56000 and the estimated useful life is 9 years. the straight-line method is used for depreciztion. in 2021, crane changed its estimates to a total useful life of 5 years with a salvage value of $92000. what is 2021 depreciation expense

$166,000

Explanation:

The computation of the 2021 depreciation expense is shown below:

Depreciation expense is

= (Cost - Salvage value) ÷ Useful life

= ($614,000 - $56,000) ÷ 9

= $62000/year

Now  book value as on 2021 is

= (Cost - Accumulated depreciation expense)

= $614,000 - (62000 × 3)

= $424000

Now revised depreciation expense is

= ($424,000 - $92,000) ÷ 2

= $166,000

answer; how many employees will be needed for jobs in the coming period;