In $2024,$ internal auditors discovered that Cecconi, Incorporated, had debited an expense account for the $$250,000$ cost of equipment purchased on January $1,2021.$ The equipment's useful life was expected to be $8$ years with an estimated residual value of $$10,000.$ Straight$-$line depreciation is used by Cecconi.

$\backslash$table$[[\backslash$table$[[$Equipment cost$],[$Equipment useful life$],[$Residual value$]],\backslash$table$[[$$$250,000$