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6&7 please! Klein, Inc. purchased a piece of manufacturing equipment for $40,000 on January 1, 2020. Using the straight-line method of depreciation, klein began to

6&7 please! image text in transcribed
Klein, Inc. purchased a piece of manufacturing equipment for $40,000 on January 1, 2020. Using the straight-line method of depreciation, klein began to depreciate the asset over an estimated useful life of 4 years and with an estimated salvage value of $4,000. At the end of the second year. Klein determined that the equipment actually had four more years remaining (for a total useful life of six years) but that its estimated salvage value would remain at $4,000. Based on this new information, depreciation expense during the third year would be 0. O $ 5.000. O $ 4,500 O $ 6,000. Question 7 2 pts Based on the facts of Question 6, the net book value of the equipment at the end of the third year would be $17.500 $17.000 O $22,000 $16,000

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