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Prepare the appropriate adjusting journal entry

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Question - On Jan 1, 2010, you purchased a vehicle costing $28,000 with additional costs of taxes, $1,750 and shipping costs, $250. Based on historical records, you estimate the useful life to be 8 years and the estimated salvage value to be $1.500. You depreciate this vehicle using the double-declining balance depreciation method. On January 1, 2014, you revise the asset's total estimated useful life from 8 years to 9 years and change the estimated salvage value to $1,000.

Required: Compute the depreciation for each year and a) prepare the appropriate adjusting journal entry to record the depreciation for years 1, 5, and 9 and b) show the balance sheet presentation of the Vehicle for 'ears 5 and 9.

Reference no: EM131911387

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