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SECTION 3 - Q1
The Drew Company purchases a $100,000 fixed asset on January 1, YR8. The asset has a useful life of 5 years with a $10,000 net salvage value. Drew depreciates this asset on Dec. 31 of each year. For two years, Drew uses the sum of the years’ digits method of depreciation, but on January 1, YR10, it changes to the straight-line method of depreciation. No other estimates changed. What would be the total R/E amount to restate as of Jan. 1, YR10?