4.Chaps Bikes purchased manufacturing equipment for $160,000 on September 3.2017. The estimated life of the equipment is 10 years but due to technological advances, Chaps expect to replace the equipment in five years when the residual value is estimated to be $40,000. Chap's year end is December 31. Calculate for each year of the asset's estimated useful life using straight line method. Calculate for five years.

Total 2. Chaps Bikes purchased manufacturing equipment for $160,000 on September 3, 2017. The estimated life of the equipment is 10 years but due to technological advances, Chaps expect to replace the equipment in five years when the residual value is estimated to be $40,000. Chap's year end is December 31. Calculate for each year of the asset's estimated useful life using straight line method. Calculate for five years. 5 marks 2017 2018 2019 2020 2021 Cost Less: Accumulated Depreciation Book Value Depreciation Expense