On January 2, 2020, Choufleur Co. purchased a machine for $256,000 and depreciated it by the straight-line method using an estimated useful life of 8 years with no salvage value. On January 2, 2023, Choufleur determined that the machine had a useful life of 6 years from the date of acquisition and will have a salvage value of $28,000. An accounting change was made in 2023 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 2023, of $152,000 $172,000 O $140,000 $149,333

On January 2, 2020, Choufleur Co. purchased a machine for $256,000 and depreciated it by the straight-line method using an estimated useful life of 8 years with no salvage value. On January 2, 2023, Choufleur determined that the machine had a useful life of 6 years from the date of acquisition and will have a salvage value of $28,000. An accounting change was made in 2023 to reflect the additional data. The accumulated depreciation for this machine should have a balance at December 31, 2023, of $152,000 $172,000 O $140,000 $149,333

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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