Crane Compamy purchased equipment in Janusary of 2008 for $390000 The equipment was being depreciated on the straight-line method over an estimated useful litle of 2 years, with no salvage value. At the begineing of 2018, when the equipment had been le use for 10 years, the company paid $48000 to overhaul the equipment. As a resaul of this improvement, the company estimated that the usoful Ide of the equipment would be extended an additional 5 years what should be the deprediation expese recorded for this equipment in 20L8 $16200 $13050 $9750 ack Eyou would like to show work for this question: gemssnwo Question Attempts: 0 of 1 used SAVE FOR LAE acer MONDAY TUESDAY WEDI ESDAY THURSDA mtig 1e Multiple Choice Question 101 Crane Company purchased equipment in 2016 at a cost of $880000. Two years later it became value. In early 201B, the bock value of the asset is $580000 and apparent to Crane Company that this equipment had suffered an impalrment it is estimated that the fair value is now only $355000. The entry to record the impalrment is Loss on Impairment ofl Equipment Retained Earmings 0No entry is necessary as a write-off violates the historical coot prindiple Retained Eanisgs Reserve for Loss on Impairment of Equipment Click if you would Ske to Show Work for this question: Oen Show w 54 acer MONDAY TUESDAY WEDI ESDAY THURSDAY