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Harrisburg Equipment Supply Corp. purchased equipment on January 1, 2008, at a cost of $480,000. The equipment had an estimated eight-year life with no residual value. Harrisburg uses straight-line depreciation. At December 31, 2011, before taking the 2011 depreciation expense, Harrisburg updated the expected useful life of the equipment. They estimated that the equipment would have only two more years of remaining life beyond 2011 (total of 6 years of usefulness) and no residual value. For 2011, Harrisburg would report depreciation expense of:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958716

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