Business, 06.04.2021 03:10, ChaosMind

Entity B bought equipment for $240,000 on January 1, 2021. It estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation was used. On January 1, 2022, Entity B decides that it will use the equipment for a total of 5 years. Compute the revised depreciation expense for 2022 and make the entry to record depreciation expense. Show work.

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Entity B bought equipment for $240,000 on January 1, 2021. It estimated the useful life to be 3 year...