An asset cost $12,000 when acquired and had an estimated useful life of 10 years with no estimated residual value.Use straight-line depreciation.During Year 7, the overall life was changed to 12 years
(a)What should be recorded as depreciation expense for Year 7? $_ _.
(b)What would the balance of accumulated depreciation be at the start of Year 8? $________
(c)Would a correcting entry be made during Year 7 for the change? Yes ________ No ________ Explain why.________

Question

Quizplus · Accepted Answer

The Answer of An asset cost $12,000 when acquired and had an estimated useful life of 10 years with no estimated residual value.Use straight-line depreciation.During Year 7, the overall life was changed to 12 years
(a)What should be recorded as depreciation expense for Year 7? $_ _.
(b)What would the balance of accumulated depreciation be at the start of Year 8? $________
(c)Would a correcting entry be made during Year 7 for the change? Yes ________ No ________ Explain why.________

An Asset Cost $12,000 When Acquired and Had an Estimated