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What is the revised depreciation expense

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Q1. Jack's Copy Shop brought equipment for $240,000 on January 1, 2018. Jack estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2019, Jack decided that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2019?

a. 80,000

b. 32,000

c. 40,000

d. 60,000

Q2. Evergreen Ltd. Purchased a cold storage unit on Jan. 2, 2008 at a cost of $640,000. The unit was depreciated using the straight-line method over an estimated 10-year useful life with an estimated residual value of $40,000. On Jan. 1, 2011 the estimate of useful life was change to $20,000. What is the revised depreciation?

Reference no: EM132428879

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