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On January 2010, Arlene Company bought a machine for
$60,000. It was then estimated that the useful life of the machine
would be eight years with a salvage value of $8,000. On January 1,
2014, it was decided that the machine’s total life from acquisition
date should have been only six years with a salvage value of only
$2,000. The company used straight-line depreciation.

a) What type of change did Arlene Company make on January 1,
2014?
b) If an adjusting entry to the January 1, 2014 retained earnings
is needed, prepare it. If an adjusting entry is not needed, please
explain.
c) Compute depreciation expense for 2014.

 

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