At the beginning of 2020, Concord Company acquired equipment costing $82,600. It was estimated that this...

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At the beginning of 2020, Concord Company acquired equipment costing $82,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $8,260 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2022 (the third year of the equipment's life), the company's engineers reconsidered their expectations, and estimated that the equipment's useful life would probably be 7 years (in total) instead of 6 years. The estimated salvage value was not changed at that time. However, during 2025 the estimated salvage value was reduced to $5,000. Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table. Year 2020 $ Depreciation Expense Accumulated Depreciation 19.530 19,530 2021 39,060. 19,530 2022 54,684 15,624 2023 70,308 15,624 2024 85,932 15,624 2025 105.566 19,634 2026 125,200 19,634 At the beginning of 2020, Concord Company acquired equipment costing $82,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $8,260 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year. During 2022 (the third year of the equipment's life), the company's engineers reconsidered their expectations, and estimated that the equipment's useful life would probably be 7 years (in total) instead of 6 years. The estimated salvage value was not changed at that time. However, during 2025 the estimated salvage value was reduced to $5,000. Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table. Year 2020 $ Depreciation Expense Accumulated Depreciation 19.530 19,530 2021 39,060. 19,530 2022 54,684 15,624 2023 70,308 15,624 2024 85,932 15,624 2025 105.566 19,634 2026 125,200 19,634