change in

On January 1,2018 ABC Ltd. purchased equipment for $375,000. At that time, management planned to use the equipment for 8-years, after which it would sell the equipment for an estimated $125,000. On December 31, 2023 management was re-evaluating its accounting estimates and decided this equipment would be used much longer than originally predicted. As a result, 7 years should be added to the original useful life. Due to the increased usage of the equipment, management feels the equipment would only be worth $75,000 at the end of that time. Required: Calculate the amount of depreciation that wot Id be recorded on the equipment for the year ended, December 31.202 Please use the workspace below