On january1 2004 abc company purchased equipment for 98000, Ask an Expert

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On January1, 2004, ABC Company purchased equipment for $98,000. The equipment was assigned a 12-year life, a $14,000 residual value, and was being depreciatedusing the straight-line method.

On January1, 2009, ABC Company spent $45,000 to completely overhaul the equipment. This overhaul caused ABC Company to change the life of the equipment from 12years to 25 years with a residual value at the end of the 25 years of $3,000. Calculate the book value of the equipment at December 31, 2011. Do not use decimals in your answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9992730

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