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Laurens Company purchased equipment that cost $10,000 on January 1, 2014. The asset had an expected useful life of five years and an estimated salvage
Laurens Company purchased equipment that cost $10,000 on January 1, 2014. The asset had an expected useful life of five years and an estimated salvage value of $2,000. Laurens uses the straight-line method for the recognition of depreciation expense. At the beginning of the fourth year of usage, the company revised its estimated salvage value to $1,000. Based on this information, the amount of depreciation expense to be recognized at the end of 2015 is
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