Wilma's Wicker Furniture purchased a laser-guided mitre saw on January 1, 2020 at a cost of $20,000. Depreciation for 20

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Wilma S Wicker Furniture Purchased A Laser Guided Mitre Saw On January 1 2020 At A Cost Of 20 000 Depreciation For 20 1 (44.48 KiB) Viewed 25 times

Wilma's Wicker Furniture purchased a laser-guided mitre saw on January 1, 2020 at a cost of $20,000. Depreciation for 2020 and 2021 was based on an estimated 8-year useful life and $4,000 estimated residual value. On January 1, 2022, Wilma's revised its estimates and now believes the laser mitre saw will have a total service life of an additional three years but the residual value will be only $2,000. Wilma's uses the straight-line method to depreciate all assets. Wilma's Wicker Furniture has a December 31 year end. Required: Calculate the following items (provide supporting calculations in the workspace below): January 1, 2020 Depreciable Amount: $ 2020 Depreciation Expense: $ 2021 Depreciation Expense: $ December 31, 2021 Carrying value: $ January 1, 2022 Depreciable Amount: 2022 Depreciation Expense $