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A company purchased equipment on January 1, 2022, for $264,000. The company estimated the equipment would have a service life of 10 years with a
A company purchased equipment on January 1, 2022, for $264,000. The company estimated the equipment would have a service life of 10 years with a $20,800 residual value. The company uses the straight-line depreciation method. Early in 2024, the company reassessed the equipment's condition and determined that its total service life would be only six years in total and that it would have no salvage value. How much would the company report as depreciation on this equipment for 2024? Multiple Choice $53,840 $35,893 $52,840 $48,640
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