On January 1, 2010, Broadway Co.had purchased a machine for $60, 000.This machine had an estimated service life of eight years and an estimated residual value of $4, 000.It has been depreciated by the straight-line method since acquisition.On January 1, 2013, it was determined that the remaining service life for this machine was nine years and that the residual value would be $3, 000.
Required:
Record the depreciation expense for 2013.

Question

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The Answer of On January 1, 2010, Broadway Co.had purchased a machine for $60, 000.This machine had an estimated service life of eight years and an estimated residual value of $4, 000.It has been depreciated by the straight-line method since acquisition.On January 1, 2013, it was determined that the remaining service life for this machine was nine years and that the residual value would be $3, 000.
Required:
Record the depreciation expense for 2013.