An asset that cost $9,000 on January 1, 20x1, was being depreciated using the straight-line method over five years with an estimated residual value of $1,500.At the beginning of 20x3, the company decided to use a six-year life and a residual value of $600.
(a)Give any correcting entry at January 1, 20x3.
(b)Give the 20x3 adjusting entry to record depreciation.

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The Answer of An asset that cost $9,000 on January 1, 20x1, was being depreciated using the straight-line method over five years with an estimated residual value of $1,500.At the beginning of 20x3, the company decided to use a six-year life and a residual value of $600.
(a)Give any correcting entry at January 1, 20x3.
(b)Give the 20x3 adjusting entry to record depreciation.

An Asset That Cost $9,000 on January 1, 20x1, Was