A machine originally had an estimated service life of 5 years,and after 3 years,it was decided that the original estimate should have been for 10 years.The remaining cost to be depreciated should be allocated over the next

Question

Quizplus · Accepted Answer

After 3 years, with the revised estimate of a 10-year total service life, there are 7 years remaining (10 total years - 3 years already passed = 7 years). Therefore, the remaining cost to be depreciated should be allocated over the next 7 years.

A Machine Originally Had an Estimated Service Life of 5