Homework Help: accounting

Posted by Joseycat on Saturday, April 25, 2009 at 6:04pm.

Quayle Company acquired machinery on January 1, 2002 which it depreciated under the straight-line method with an estimated life of fifteen years and no salvage value. On January 1, 2007, Quayle estimated that the remaining life of this machinery was six years with no salvage value. How should this change be accounted for by Quayle?

accounting - fwdfc, Friday, March 26, 2010 at 4:53pm
By continuing to amortize the machinery over the original fifteen year life

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