7. On January 1, 20X1, Brandon Excavation Company purchased a new bulldozer for $120,000. The equipment had an estimated useful life of ten years and an estimated residual value of $10,000. On January 1, 20X3, Brandon determined that the bulldozer would have a total useful life of only eight years instead of ten years (i.e., it has 6 years left of useful life). Brandon uses straight-line depreciation. Compute depreciation expense on this bulldozer for 20X1, 20X2, and 20X3.

7. On January 1, 20X1, Brandon Excavation Company purchased a new bulldozer for $120,000. The equipment had an estimated useful life of ten years and an estimated residual value of $10,000. On January 1, 20X3, Brandon determined that the bulldozer would have a total useful life of only eight years instead of ten years (i.e., it has 6 years left of useful life). Brandon uses straight-line depreciation. Compute depreciation expense on this bulldozer for 20X1, 20X2, and 20X3.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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