Solution for QID #40054: 1) On January 1, 2015, Jamacha Company purchased some equipm | StudyHelpMe

1) On January 1, 2015, Jamacha Company purchased some equipment for $15,000. The estimated salvage value and useful life are $3,000 and 4 years, respectively. On January 1, 2017, they company determines that the asset's remaining useful life is 3 year what is the revised depreciation expense for 2017 if the company uses the straight-line method? $2, 250 $4,000 $2, 500 $2,000 2) Able Towing Company purchased a tow truck for $60,000 on January 1, 2012. It was originally depreciated on a straight-line basis over 10 years with an assumed salvage value of $12,000. On December 31, 2014, before adjusting entries had been made, the company decided to change the remaining estimated life to 4 years (including 2014) and the salvage value to $2,000. What was the depreciation expense for 2014? $6,000. $4,800. $15,000. $12,100.