Burgess Company purchased an asset on January 1, 2014, for $10,000. The asset was expected to have a ten-year life and a $1,000 salvage value. The company uses the straight-line method of depreciation. On January 1, 2016, the company determines that the asset will last only five more years. Calculate the amount of depreciation for 2016.
Depreciation for 2014 and 2015: $10,000 - $1,000/10 years =

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The Answer of Burgess Company purchased an asset on January 1, 2014, for $10,000. The asset was expected to have a ten-year life and a $1,000 salvage value. The company uses the straight-line method of depreciation. On January 1, 2016, the company determines that the asset will last only five more years. Calculate the amount of depreciation for 2016.
Depreciation for 2014 and 2015: $10,000 - $1,000/10 years =

Burgess Company Purchased an Asset on January 1, 2014, for $10,000