7 2 points Cromwell & Associates, LLC's fiscal year-end is December 31. Cromwell purchased equipment costing $80,000 on May 1, Year 1. The machine is expected to be obsolete after five years (60 months), and thereafter no longer useful to the company. The estimated salvage value is $5,000. Cromwell's depreciation policy is to record depreciation for the portion of the year that the asset is in service. Use the straight-line depreciation method to compute how much depreciation expense should be reported on Cromwell's income statement for the year ended December 31, Year 1. (Round your answer to the nearest whole number. Do not include a $ sign in your answer.) Type your answer...

Cromwell \& Associates, LLC's fiscal year-end is December 31. Cromwell purchased equipment costing $80,000 on May 1 , Year 1 . The machine is expected to be obsolete after five years (60 months), and thereafter no longer useful to the company. The estimated salvage value is $5,000. Cromwell's depreciation policy is to record depreciation for the portion of the year that the asset is in service. Use the straight-line depreciation method to compute how much depreciation expense should be reported on Cromwell's income statement for the year ended December 31, Year 1. (Round your answer to the nearest whole number. Do not include a $ sign in your answer.)