Question

Compute the revised annual depreciation on December 31, 2022 Revised annual depreciation________________-

Answer 1

Without specific details, the revised annual depreciation on December 31, 2022, cannot be determined. However, the process involves finding the current book value, estimating remaining useful life, and recalculating depreciation using the revised figures.

Step-by-step explanation:

To compute the revised annual depreciation on December 31, 2022, you would need to follow several steps that involve accounting principles.

Unfortunately, without more specific details about the asset (such as its cost, the salvage value, the date of acquisition, and the depreciation method being used), it is not possible to calculate an exact figure. However, the general steps for revising depreciation are:

1. Determine the book value of the asset as of the revision date.
2. Estimate the remaining useful life of the asset from the revision date.
3. Calculate the revised depreciation expense using the new estimated useful life and any remaining salvage value.

These steps align with the accounting standards and will lead to the calculation of the new annual depreciation expense.