At the beginning of 2008, Bellamy Seafood acquired equipment costing $60,000. It was estimated that… 1 answer below »

At the beginning of 2008, Bellamy Seafood acquired equipment costing $60,000. It was estimated that this equipment would have a useful life of six years and a residual value of $6,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2010 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations and estimated that the equipment’s useful life would probably be seven years (in total) instead of six years. The estimated residual value was not changed at that time. However, during 2013 the estimated residual value was reduced to $3,000.

Instructions

Indicate how much depreciation expense should be recorded for this equipment each year by completing the following table.

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Year

Depreciation Expense

Accumulated Depreciation

2008

 

 

2009

 

 

2010

 

 

2011

 

 

2012

 

 

2013

 

 

2014

 

 

 

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