On July 1, 2019, Sunland Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $10,0
Posted: Wed Jul 06, 2022 6:10 am
On July 1, 2019, Sunland Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, (before calculating annual depreciation) the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000.