K At the beginning of last year, Billings Corporationpurchased a piece of heavy equipment for $42,000. The equipment hasa life of five years or 100,000 hours. The estimated residual valueis $2,000. At the beginning of last year, Billings Corporation purchased a piece of heavy equipment for \( \$ 42,000 \). The equipment has a life of five years or 100,000 hours. The estimated residual value is \ 2 answers