on jan 1 , 2010, you purchased a vehicle costing 28000 with additional costs of taxes, 1750 and shipping costs, 250. Based on historical records, you estimate the useful life to be 8 years and the estimated salvage value to be 1500. You depreciate this vehicle using the double-clining balance depreciation method. on january 1, 2014, you revise the asset’s total estimated useful life from 8 years to 9 years and change the estimated salvage value to 1000.
require: a) compute the depreciation for each year
a) prepare the appropriate adjusting journal entry to record the depreciation for years 1,5 ,9
b) show the balance sheet presentation of the vehicle for years 5 and 9
Please help me to solve this question.
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