On january 1, 2017, the morgantown company ledger shows equipment $59,000 and accumulated depreciation – equipment $9,600. the depreciation resulted from using the straight-line method with a useful life of 7 years and salvage value of $2,500. on this date, the company concludes that the equipment has a remaining useful life of only 5 years with the same salvage value.
compute the revised annual depreciation.
revised annual depreciation $

Revised annual depreciation $9,380

Explanation:

Equipment $59,000  

Accumulated Depreciation – Equipment $9,600  

Useful life of 7 years  

Salvage value of $2,500  

Annual Depreciation updated  

$59,000 - $9,600 - $2,500 = $,9380  

To find the revised annual depreciation we have to deduct of the total equipment the accumulated depreciation Year to Date.      

$59,000 - $9,600 = $49,400      

At this value we have to substract the Salvage Value of the equipment,    

$49,400 - $2,500 = $46,900      

So, the revised annual depreciation it's $ $46,900 / 5 Years = $9,380      

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