B. A company purchases equipment for $50,000 on July 1, 2020. It estimates that the equipment will have a salvage value of $3,500 and its useful life will be 8 years. Assuming that the company's accounting year ends on December 31 of each year, what will be the Depreciation Expense for the years 2020 and 2021 assuming straight-line depreciation? Show calculations.*

C. List the 4 important factors required to calculate depreciation: