[经济学]西方财务会计 原版课件22.pptVIP

Learning Objectives Change in Estimate Example Illustration: Arcadia High School (Phoenix), purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been recorded for 7 years on a straight-line basis. In 2008 (year 8), it is determined that the total estimated life should be 15 years with a salvage value of $5,000 at the end of that time. Required: What is the journal entry to correct prior years’ depreciation expense? Calculate depreciation expense for 2008. Chan