An accounting change was made in 2013 to reflect these, Ask an Expert

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On January 1, 2010, Lansing Co. purchased a machine for $1,056,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2013, Lansing determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $96,000. An accounting change was made in 2013 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2013 of:

a. $584,000.

b. $616,000.

c. $640,000.

d. $704,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939649

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