Apex Company purchased a tooling machine on January 3, 2007, for $30,000. The machine was being depreciated

Question:

Apex Company purchased a tooling machine on January 3, 2007, for $30,000. The machine was being depreciated on the straight-line method over an estimated useful life of 20 years, with no .
At the beginning of 2017, when the machine had been in use for 10 years, the company paid $5,000 to overhaul it. As a result of this improvement, the company estimated that the remaining useful life of the machine was now 15 years.
Required:
What should be the depreciation expense recorded for this machine in 2017?
Salvage Value
Salvage value is the estimated book value of an asset after depreciation is complete, based on what a company expects to receive in exchange for the asset at the end of its useful life. As such, an asset’s estimated salvage value is an important...