Jenkins, Inc. builds custom machines for manufacturers using robotic equipment. In 2022, the company decided to change from straight-line to double-declining balance depreciation for its robotic equipment. It changed the life expectancy as follows: Original cost of robotic equipment $2,500,000 Accumulated depreciation thru 2021 780,000 Original life in years 8 Remaining life in years 4 Determine the correct amount of depreciation to expense for 2022. Group of answer choices $390,000 $312,500 $430,000 $860,000
Jenkins, Inc. builds custom machines for manufacturers using robotic equipment. In 2022, the company decided to change from straight-line to double-declining balance depreciation for its robotic equipment. It changed the life expectancy as follows: Original cost of robotic equipment $2,500,000 Accumulated depreciation thru 2021 780,000 Original life in years 8 Remaining life in years 4 Determine the correct amount of depreciation to expense for 2022. Group of answer choices $390,000 $312,500 $430,000 $860,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Jenkins, Inc. builds custom machines for manufacturers using robotic equipment. In 2022, the company decided to change from straight-line to double-declining balance depreciation for its robotic equipment. It changed the life expectancy as follows:
Determine the correct amount of depreciation to expense for 2022.
| Original cost of robotic equipment | $2,500,000 |
| 780,000 | |
| Original life in years | 8 |
| Remaining life in years | 4 |
Determine the correct amount of depreciation to expense for 2022.
Group of answer choices
$390,000
$312,500
$430,000
$860,000
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