A company owns an operational asset acquired on January 1,2006 at a cost of $10,000.It had an estimated useful life of 5 years,no residual value,and was being depreciated on a straight-line basis.On December 31,2007,it was determined that the total useful life would be 4 years.The following adjusting entry (assuming no adjusting entries have been made) for the accounting year ended December 31,2007 should be made (rounded to the nearest dollar):
A)Choice 1
B)Choice 2
C)Choice 3
D)Choice 4

Question

A company owns an operational asset acquired on January 1,2006 at a cost of $10,000.It had an estimated useful life of 5 years,no residual value,and was being depreciated on a straight-line basis.On December 31,2007,it was determined that the total useful life would be 4 years.The following adjusting entry (assuming no adjusting entries have been made) for the accounting year ended December 31,2007 should be made (rounded to the nearest dollar): 
A)Choice 1 
B)Choice 2 
C)Choice 3 
D)Choice 4

Quizplus · Accepted Answer

The Answer of A company owns an operational asset acquired on January 1,2006 at a cost of $10,000.It had an estimated useful life of 5 years,no residual value,and was being depreciated on a straight-line basis.On December 31,2007,it was determined that the total useful life would be 4 years.The following adjusting entry (assuming no adjusting entries have been made) for the accounting year ended December 31,2007 should be made (rounded to the nearest dollar): 
A)Choice 1 
B)Choice 2 
C)Choice 3 
D)Choice 4

A Company Owns an Operational Asset Acquired on January 1,2006