10/19/2020 2 Useful Life, Impairment and Sale of Assets At the beginning of the year, The Claremont Company purchased a 100-ton press for $450,000. The equipment had an estimated useful life of ten years and a salvage value of $12,000. The company decided to depreciate this equipment using the straight-line method. After eight years of trouble-free use, The Claremont Company concluded that it would be able to utilize the equipment for up to a total of 14 years; and consequently, at the end of year eight, changed its estimate of the equipment's expected life to 14 years, adding four more years to the asset's remaining useful life. Calculate the depreciation expense on the equipment in years eight and nine. Depreciation expense for Years 1-8: $ per year Remaining book value at end of Year 8: $ Depreciation expense for Years 9 & 10: $ per year