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Machinery Purchased for $69000 by Tom Brady Can in 2016 was originally estimated to have a life of 8 Years witha salvage value of $4,000 at the end. Of that time. Deprec. has been entered for 5 Years on this basis. In 2021, it is determined that the total estimated life Should be Jo Years witha salvage value of $4,5.00 at the end of that time Assume straight-line Jeereciation Instructions Prepare the entry to Correct the prior Years' depreg if necessary

Machinery Purchased for $69000 by Tom Brady Can in 2016 was originally estimated to have a life of 8 Years witha salvage value of $4,000 at the end. Of that time. Deprec. has been entered for 5 Years on this basis. In 2021, it is determined that the total estimated life Should be Jo Years witha salvage value of $4,5.00 at the end of that time Assume straight-line Jeereciation Instructions Prepare the entry to Correct the prior Years' depreg if necessary

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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E11.11 (L01,2) (De rec -Change in Estimate) Machinery Purchased for $69000 by Tom Brady Ca in 2016 was originally estimated to have a life of 8 Years witha salvage value of $4,000 at the end Of that time. Deerec. has been entered for 5 Years on this basis. In Z0I it is determined that the total estimated life Should be Jo Years witha salvage value of $4,5 00 at the end of that time Assume straightline depreciations Instructins Prepare the entry to Correct the prior Years depreg if necessary Prepare the entry to record deprec for 2027.
Transcribed Image Text:E11.11 (L01,2) (De rec -Change in Estimate) Machinery Purchased for $69000 by Tom Brady Ca in 2016 was originally estimated to have a life of 8 Years witha salvage value of $4,000 at the end Of that time. Deerec. has been entered for 5 Years on this basis. In Z0I it is determined that the total estimated life Should be Jo Years witha salvage value of $4,5 00 at the end of that time Assume straightline depreciations Instructins Prepare the entry to Correct the prior Years depreg if necessary Prepare the entry to record deprec for 2027.
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