Machinery acquired new on January 1 at a cost of $80,000 was estimated to have a useful life of 10 years and a residual salvage value of $20,000. Straight-line depreciation was used. On January 1, following six full years of use of the machinery, management decided that the estimate of useful life had been too long and that the machinery would have to be retired after three years, that is, at the end of the ninth year of service. Under this revised estimate, the depreciation expense for the seventh year of use would be:

$8,000

Explanation:

Calculation for what the depreciation expense for the seventh year of use would be

First step is to calculate the Book value at the end of Year 6

Machinery cost$80,000

Less: Salvage value($20,000)

Depreciable cost$60,000

($80,000-$20,000)

Divide by useful life10 years

Annual Depreciation$6,000

($60,000÷10 years)

Accumulated Depreciation for 6 years$36,000

($6,000*6 years)

Book value at the end of Year 6$44,000($80,000-$36,000)

Now let calculate the Depreciation expense for the seventh year of use

Book value at the end of Year 6$44,000

Less: Salvage value($20,000)

Remaining Depreciable cost$24,000

($44,000-$24,000)

Divide by Remaining useful life3 years

Depreciation expense for the seventh year of use$8,000

($24,000/3 years)

Therefore Under this revised estimate, the depreciation expense for the seventh year of use would be: $8,000

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