A piece of machinery with a cost of $82,000 has an estimated residual value of $16,000 and a useful life of 12 years. It is depreciated using the straight-line method. Assume that at the beginning of the 8th year, the remaining useful life is estimated to be 6 years and the residual value is estimated to be $12,000. What is the depreciation expense for year 8? $2,585 $5,250 $11,000 $7,250

A piece of machinery with a cost of $82,000 has an estimated residual value of $16,000 and a useful life of 12 years. It is depreciated using the straight-line method. Assume that at the beginning of the 8 th year, the remaining useful life is estimated to be 6 years and the residual value is estimated to be $12,000. What is the depreciation expense for year 8 ? $2,585 $5,250 $11,000 $7,250