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22. (8 points) Exon Company purchased equipment for $120,000 on January 1, 2018. The equipment has an estimated residual value of $10,000 and an estimated

image text in transcribed 22. (8 points) Exon Company purchased equipment for $120,000 on January 1, 2018. The equipment has an estimated residual value of $10,000 and an estimated useful life of 10 years. The company depreciates the equipment using the straight-line method. On January 1, 2021, the company determines that the total useful life is 8 years and the estimated residual value is $3,000 Round your final answer to the nearest dollar. Required: 1. The equipment's book value at January 1, 2021 is $ The annual depreciation expense for 2021 is $

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