A company purchased equipment for \$100,000 with a useful life of 8 years and a salvage value of \$10,000. After 4 years, the useful life is extended to 10 years. Calculate the adjusted annual depreciation expense for the remaining life.

An asset was purchased for \$60,000 with a useful life of 6 years and a salvage value of \$6,000. After 2 years, the useful life is extended to 8 years. What is the new annual depreciation expense using the straight-line method?

Which of the following is an example of a change in accounting estimate?

Which of the following statements is true regarding changes in accounting estimates?

What is a change in accounting estimate in the context of depreciation?

What is the effect of shortening the useful life of an asset on its annual depreciation expense?

Which of the following is the correct sequence of steps to recalculate depreciation expense after a change in estimate?

How is accumulated depreciation calculated before a change in estimate occurs?