Cargill Incorporated, is a privately held American global food corporation based in Minnetonka, Minnesota. Cargill purchased farm equipment on January 1, 2022, for $284,000. In 2022 and 2023, Cargill depreciated the asset on a straight-line basis with an estimated service life of five years and a $89,000 residual value. Cargill, in 2024, due to changes in technology, revised the residual value to $41,000 but still plans to use the equipment for the full 5 years. What is the amount of depreciation that Cargill should record for the year 2024 on this equipment? Multiple Choice $48,600 $46,800 $14,000 $55,000 Submit