You are the accountant for a small business. On January 2, 2014, the business purchased a large piece of equipment for $1,000,000. At that time, you used straight line depreciation, with no salvage value to depreciate the equipment over 15 years. It is now January 2, 2018 and you realize that your estimate on the useful life was inaccurate. You now estimate that the equipment […]
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