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On January 1, 2025, the Pharoah Company general ledger shows Equipment $49,100 and Accumulated Depreciation $18,520. The depreciation resulted from using the straight-l method with a useful life of 10 years and a salvage value of $2,800. On this date, the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation $

On January 1, 2025, the Pharoah Company general ledger shows Equipment $49,100 and Accumulated Depreciation $18,520. The depreciation resulted from using the straight-l method with a useful life of 10 years and a salvage value of $2,800. On this date, the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation $

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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Vikrambhai 

On January 1, 2025, the Pharoah Company general ledger shows Equipment $49,100 and Accumulated Depreciation $18,520. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,800. On this date, the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation $
Transcribed Image Text:On January 1, 2025, the Pharoah Company general ledger shows Equipment $49,100 and Accumulated Depreciation $18,520. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,800. On this date, the company concludes that the equipment has a remaining useful life of only 2 years with the same salvage value. Compute the revised annual depreciation. Revised annual depreciation $
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