Hello. Acct question. Kennedy Industries purchased equipment on may 1st 2019 for 143,000. The equipment is estimated to have a salvage value of 38,000 at the end of it's 6 year life. The company uses straight line depreciation. What is the balance of accumulated depreciation 0n 12/31/22.

I did 143,000-38,000

Divide that answer by six.

to get 17,500*(32/12)=46,666.6667

Is that correct formula/answer?