On january 1 2001 bass co purchased a machine for 660000, Ask an Expert

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On January 1, 2001, Bass Co. purchased a machine for $660,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2004, Bass determined that the machine had a useful life of six years from the date of acquisiton and will have a salvage value of $60,000. An accounting change was made in 2004 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2004 of... a) $365,000 b) $385,000 c) $400,000.

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Accounting Basics, Accounting

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