Braggert,Inc.purchased a truck at the beginning of 2012 for $32,500.Braggert decided to depreciate the truck over an 8-year period using the straight-line method,and estimated its residual value to be $4,500.At the beginning of 2013,Braggert determined that a 5-year life should have been used to depreciate the truck.The estimated residual value was not affected by the revision in the asset's life.

Question

Braggert,Inc.purchased a truck at the beginning of 2012 for $32,500.Braggert decided to depreciate the truck over an 8-year period using the straight-line method,and estimated its residual value to be $4,500.At the beginning of 2013,Braggert determined that a 5-year life should have been used to depreciate the truck.The estimated residual value was not affected by the revision in the asset's life.
Braggert,Inc.purchased a truck at the beginning of 2012 for $32,500.Braggert decided to depreciate the truck over an 8-year period using the straight-line method,and estimated its residual value to be $4,500.At the beginning of 2013,Braggert determined that a 5-year life should have been used to depreciate the truck.The estimated residual value was not affected by the revision in the asset's life.

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The Answer of Braggert,Inc.purchased a truck at the beginning of 2012 for $32,500.Braggert decided to depreciate the truck over an 8-year period using the straight-line method,and estimated its residual value to be $4,500.At the beginning of 2013,Braggert determined that a 5-year life should have been used to depreciate the truck.The estimated residual value was not affected by the revision in the asset's life.