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Equipment was purchased for $50,000. At that time, the equipment was expected to be used eight years and have a residual value of $10,000. The
Equipment was purchased for $50,000. At that time, the equipment was expected to be used eight years and have a residual value of $10,000. The company uses straight-line depreciation. At the beginning of the third year, the company changed its estimated useful life to a total of six years (four years remaining) and the residual value to $8,000. What is depreciation expense in the third year? 82 Skipped Multiple Choice $8,000. $5,000. $7,000. $5,500
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