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What depreciation would Herman record

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Question - Herman Apparel has purchased equipment on January 1, 2018, for $544,000. In 2018-2020, Herman depreciated the asset on a straight-line basis with an estimated useful life of eight years and an $92,000 residual value. In 2021, Herman has started to change its business strategy and now believes that the equipment will be used for only another two years (five years total) but does not believe the residual value has changed. What depreciation would Herman record for the year 2021 on this equipment?

Reference no: EM132540957

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