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Prepare the journal entry to record depreciation on computer

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Question - On January 3, 2012, Airflow Corporation, a company selling stunt kites, purchased a large number of personal computers. The cost of these computers was $170,000. On the date of purchase, Sandy's management estimated that the computers would last approximately four years and would have a salvage value at that time of $20,000. The company used the double-declining-balance method to depreciate the computers.

During January 2013, Airflow's management realized that technological advancements had made the computers virtually obsolete. The new salvage value is estimated to be $1000. Management proposed changing the estimated useful life of the computers to two years.

Prepare the journal entry necessary at the end of 2013 to record depreciation on the computers.

Reference no: EM131794073

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