At January 1, 2021 Penner Auto Repairs owned the following assets: Prior to recording depreciation expense for 2021, Penner undertook a review of the assets' remaining life and value and determined that the following changes are warranted based on currently available information:
Building: No changes
Automotive: No changes
Computers: Obsolete
Furniture: Remaining life will be 10 years with $ 5,000 residual value.
Instructions
Calculate 2021 depreciation on each of these assets, taking the new information into account.

Question

At January 1, 2021 Penner Auto Repairs owned the following assets:  Prior to recording depreciation expense for 2021, Penner undertook a review of the assets' remaining life and value and determined that the following changes are warranted based on currently available information:
Building: No changes
Automotive: No changes
Computers: Obsolete
Furniture: Remaining life will be 10 years with $ 5,000 residual value.
Instructions
Calculate 2021 depreciation on each of these assets, taking the new information into account.

Quizplus · Accepted Answer

The Answer of At January 1, 2021 Penner Auto Repairs owned the following assets:  Prior to recording depreciation expense for 2021, Penner undertook a review of the assets' remaining life and value and determined that the following changes are warranted based on currently available information:
Building: No changes
Automotive: No changes
Computers: Obsolete
Furniture: Remaining life will be 10 years with $ 5,000 residual value.
Instructions
Calculate 2021 depreciation on each of these assets, taking the new information into account.

At January 1, 2021 Penner Auto Repairs Owned the Following