QUESTION 4 On Jan. 1, 2017, Acme Industries put into service a milling machine that had a capitalized acquisition cost of $24,000, a useful life of 12 years, and an estimated salvage value of $0 (zero). Annual depreciation expense was calculated as $2,000/yr on a straight-line basis. On Jan. 1, 2019, Acme revises the total useful life estimate from 12 years to 10 years. What is Acme's annual depreciation expense for the machine in 2019? O $2,500 O $3,000 O $2,000 O $2,250

QUESTION 4 On Jan. 1, 2017, Acme Industries put into service a milling machine that had a capitalized acquisition cost of $24,000, a useful life of 12 years, and an estimated salvage value of $0 (zero). Annual depreciation expense was calculated as $2,000/yr on a straight-line basis. On Jan. 1, 2019, Acme revises the total useful life estimate from 12 years to 10 years. What is Acme's annual depreciation expense for the machine in 2019? O $2,500 O $3,000 O $2,000 O $2,250

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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