Falcon Corporation purchased a depreciable asset for $840,00…

Falcon Corporation purchased a depreciable asset for $840,000 on January 1, 2018. The estimated salvage value is $84,000, and the estimated total useful life is 9 years. The straight-line method is used for depreciation. In 2021, Falcon changed its estimates to a total useful life of 5 years with a salvage value of $140,000. What is 2021 depreciation expense?

Before year-end adjusting entries, Dunn Company’s account ba…

Before year-end adjusting entries, Dunn Company’s account balances at December 31, 2017, for accounts receivable and the related allowance for uncollectible accounts were $1,500,000 and $90,000, respectively. An aging of accounts receivable indicated that $125,000 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is

Equipment that cost $660,000 and has accumulated depreciatio…

Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment with a fair value of $480,000 and $120,000 cash is received. The exchange lacked commercial substance.               The new equipment should be recorded at