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Compute the revised annual depreciation

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Question: On January 1, 2015, the Morgantown Company ledger shows Equipment $67,300 and Accumulated Depreciation-Equipment $10,600. The depreciation resulted from using the straight-line method with a useful life of 10 years and salvage value of $3,500. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value.

Compute the revised annual depreciation.

Reference no: EM132594304

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