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Apex Fitness Club uses straight-line depreciation for a machine costing $19,600, with an estimated four-year life and a $2,550 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,100 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Book Value at the End of Year 2: Cost $ 19,600 Accumulated depreciation 2 years Book value at point of revision $ 19,600

Apex Fitness Club uses straight-line depreciation for a machine costing $19,600, with an estimated four-year life and a $2,550 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,100 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Book Value at the End of Year 2: Cost $ 19,600 Accumulated depreciation 2 years Book value at point of revision $ 19,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 10-13 (Algo) Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $19,600, with an estimated four-year life and a $2,550 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,100 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Book Value at the End of Year 2: Cost $ 19,600 Accumulated depreciation 2 years Book value at point of revision $ 19,600 < Required 1 Required 2 >
Transcribed Image Text:Exercise 10-13 (Algo) Revising depreciation LO C2 Apex Fitness Club uses straight-line depreciation for a machine costing $19,600, with an estimated four-year life and a $2,550 salvage value. At the beginning of the third year, Apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $2,100 salvage value. 1. Compute the machine's book value at the end of its second year. 2. Compute the amount of depreciation for each of the final three years given the revised estimates. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the machine's book value at the end of its second year. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Book Value at the End of Year 2: Cost $ 19,600 Accumulated depreciation 2 years Book value at point of revision $ 19,600 < Required 1 Required 2 >
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