Solution-Compute the revised depreciation for both years

Compute the revised depreciation for both years

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Reference no: EM131726425

Question - On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $67,000. The band estimates it will use this equipment for five years. It estimates that after five years it can sell the equipment for $2,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that due to concert bookings beyond expectations, this equipment will last only a total of three years. The salvage value remains unchanged.

Compute the revised depreciation for both the second and third years.

Book value at point of revision=

remaining depreciable cost=

depreciation per year for years 2 and 3=

Reference no: EM131726425

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Compute the revised depreciation for both years

Reference no: EM131726425

Reference no: EM131726425

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