At the beginning of 2002, Duncan Company acquired kitchen equipment costing $60,000.

It was estimated that this equipment would have a useful life of six years and a residual value of $6,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year.

During 2004 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations, and estimated that the equipment’s useful life would probably be seven years

(in total) instead of six years. The estimated residual value was not changed at that time. However, during 2007 the estimated residual value was reduced to $4,400. LO9 Instructions Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table.

Year Depreciation Expense Accumulated Depreciation 2002 2003 2004 2005 2006 2007 2008 EXPLORING THE WEB