Assume the company had used straight-line depreciation during 2020 and 2021. During 2022, the company determined that the equipment would be useful to the company for only one more year beyond 2022 . Salvage value is estimated at $210,000. Compute the amount of depreciation expense for the 2022 income statement. Depreciation expense On July 1, 2020, Culver Company purchased for $3,780,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage value of $157,500. Depreciation is taken for the portion of the year the asset is used