Assume that

Smith's Auto Sales

paid

$45,000

for equipment with a

15-year

life and zero expected residual value. After using the equipment for

six

years, the company determines that the asset will remain useful for only

five

more years. Read the requirements

LOADING...

.

Requirement 1. Record depreciation expense on the equipment for Year

7

by the straight-line method.First, select the formula to calculate the company's revised depreciation expense on the equipment for Year

7.

Then enter the amounts and calculate the depreciation for Year

7.

(Enter "0" for items with a zero value.)