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March 31, 2015

Homework Help: accounting

Posted by T Smith on Sunday, June 3, 2012 at 2:59pm.

James, Inc. discovered that equipment purchased three years ago for $600,000 will not last as long as originally estimated. The firm was depreciating the equipment at the rate of $80,000 per year with an estimated salvage value of $40,000. New estimates indicate that the equipment will last a total of five years with no salvage value. How much should James Inc. record as depreciation in year four?

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