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 years, the company determines that the asset will remain useful for only five more years. Read the requirements. 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 cal the depreciation for Year 7. (Enter "O" for items with a zero value.) Revised depreciation Book value Residual value ) Revised useful life remaining ( ( I Enter any number in the edit fields and then click Check Answer. 2 parts Clear All remaining Final Check