Gandiaga owns a truck that it purchased two years ago at a total cost of $29,250. At that time it was estimated that the company would use the truck for six years and then sell it for $1,850. Recently, Gandiaga modified the truck at a cost of $4,500. This modification did not extend the life of the truck, nor did it change the estimated salvage value.
Prepare journal entries to record the cost of the upgrade and the depreciation expense for the third year assuming that Gandiaga uses straight-line depreciation.
Bundy Company purchased several computerized cash registers on April 2, 2010, at a total cost of $36,600. Estimated useful life of the registers is four years, and their total expected salvage value is $1,600. Bundy uses the straight-line method of depreciation and has a December 31 year-end.
Determine the amount of depreciation expense in 2008 assuming, alternatively, that (a) depreciation is calculated to the nearest month and (b) Bundy uses the midyear convention.
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