Futronics purchased a truck at the beginning of 2012 for $41,500 and decided to depreciate it over a 6-year period using the straight-line method. The estimated residual value was $5,500. At the beginning of 2013, the company determined that a 4-year life should have been used to depreciate the truck. The estimated residual value was not affected by the revision in the asset's life.

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The Answer of Futronics purchased a truck at the beginning of 2012 for $41,500 and decided to depreciate it over a 6-year period using the straight-line method. The estimated residual value was $5,500. At the beginning of 2013, the company determined that a 4-year life should have been used to depreciate the truck. The estimated residual value was not affected by the revision in the asset's life.

Futronics Purchased a Truck at the Beginning of 2012 for $41,500