22. Mitchell Corporation bought equipment on January 1,2022. The equipment cost $300,000 and had an expected salvage value of $50,000. The life of the equipment was estimated to be 6 years. The depreciation expense using the straight-line method of depreciation is a. $58,333. b. $60,000. c. $41,667. d. none of these answer choices are correct. 23. Jack's Copy Shop bought equipment for $240,000 on January 1, 2021. Jack estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2022, Jack decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2022 ? a. $80,000 b. $32,000 c. $40,000 d. $60,000 24. A truck costing $72,000 and on which $60,000 of accumulated depreciation has been recorded was discarded as having no value. The entry to record this event would include a a. gain of $12,000. b. loss of $12,000. c. credit to Accumulated Depreciation for $60,000. d. credit to Accumulated Depreciation for $72,000. 25. On May 1, 2022, Irwin Company purchased the copyright to Quick Computer Tutorials for $120,000. It is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2022 would be a. $24,000. b. $16,000. c. $12,000. d. $12,800