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Problem: Toronto?'s Wonderland paid $75,000 for a concession stand. Depreciation was recorded by the? straight-line method over 7 years with zero residual value. Suppose that after using the concession stand for four? years, Toronto?'s Wonderland determines that the asset will remain useful for only three more years. How will this affect depreciation on the concession stand for year 5 by the? straight-line method? ?(Round interim calculations to the nearest whole dollar. Round your answers to the nearest whole? dollar.)
Required:
Question 1: What is Original depreciation for year 5 using the straight-line method over 7 years with zero residual value?
Question 2: What is the New depreciation for year 5 after changing remain useful life to only three more years?
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