BE10-7 On January 1, 2008, the Ramirez Company ledger shows Equipment $29,000 and
Accumulated Depreciation $9,000. The depreciation resulted from using the straight-line
method with a useful life of 10 years and salvage value of $2,000. On this date, the company concludes
that the equipment has a remaining useful life of only 4 years with the same salvage value.
Compute the revised annual depreciation.
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