Instructions Gundrum Company purchased equipment on January 1, 2015 for $888.200. The equipment was expected to have a useful life of 10 years and a salvage value of $29.000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated ite of the equipment was 13 years and the residual value would be $10,000 at the end of that time Required: Prepare any entry needed in 2000 to account for this change

Instructions Gundrum Company purchased equipment on January 1, 2015 for $888.200. The equipment was expected to have a useful life of 10 years and a salvage value of $29.000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated ite of the equipment was 13 years and the residual value would be $10,000 at the end of that time Required: Prepare any entry needed in 2000 to account for this change

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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