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chrome eclass.bethlehem.edu 1280378page "BU-Eclass ACCT202 (A-D) - PRINCIPLES OF ACCOUNTING II Time left 1:21:47 Qu Question Pa 13 On July 1, 2014, "ABC" Company purchased equipment at a cost of $414,000. In addition, the company incurred $6,000 installation cost, Not yet $867 for building a deck where the equipment will stand. In addition, the company bought three years of fire insurance for $3935. The answered equipment was estimated to have a useful life of 5 years and a salvage value of $62,000. On March 10th, 2017 the company decided to Marked out of increase the useful life of the equipment by 5 years and to increase the salvage value to $77,000. On June 30, 2018, a fire in the 2.00 company's plant caused the total loss of the equipment. On the date of the fire, the fair value of the machine was $220,000, and "ABC" Pa received insurance proceeds of $200,000. The company is using the STRAIGHT LINE FOR DEPRECATION. Flag question What is the amount of depreciation expense that must presented on "ABC" Company income statement for the year ended December Pa 31st, 2017? Q 1 Pa Answer: Fir Next page Previous page O O