At the beginning of 2011 gates spent 96000 to overhaul the, Ask an Expert

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Gates Co. purchased machinery on January 2, 2005, for $440,000. The straight-line method is used and useful life is estimated to be 10 years, with a $40,000 salvage value. At the beginning of 2011 Gates spent $96,000 to overhaul the machinery. After the overhaul, Gates estimated that the useful life would be extended 4 years (14 years total), and the salvage value would be $20,000. The depreciation expense for 2011 should be

a) $40,000

b) $34,500.

c) $37,000.

d) $28,250.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991168

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