When a company revises an estimate used to record depreciation expense, the company should revise depreciation by using the formula - revised salvage value)/revised remaining useful life.

Book Value

Explanation:

Depreciation refers to fall in the value an asset as a result of normal wear and tear or due to efflux of time.

Depreciation is calculated using the following formula:

Depreciation expense per annum =

When, a company revises an estimate such as salvage value or remaining useful life of the asset, depreciation expense would be recomputed using the following formula:

Depreciation expense =

wherein, Book Value = Original Cost - Accumulated Depreciation till date

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