Mackenzie Manufacturing purchased equipment for $160,000. In addition, shipping charges of $2,000 were incurred to obtain the equipment. The end of its 5year useful life. Using the straight-line method, what is the amount of depreciation expense each year, what is the Book Value at the end of Multiple Choice Yearly depreciation Expense: $31,900 Book Value at the end of Year 2: $95,700 Yearly depreciation Expense: $34,900 Book Value at the end of Year 2: $104,700 Yearly depreciation Expense: \$31,900 Book Value at the end of Year 2: \$110,700 Yearly depreciation Expense: $29,400 Book Value at the end of Year 2: $103,200 company pays $620,000 for a patent that has a 20 year legal life, but a 10 year expected useful life remaining. Each year, your company should: Multiple Choice Amortize over the average of the legal and useful life; resulting in a debit to Amortization Expense for $41,333 and a credit to Accumulated Amortization for $41,333. debit Amortization Expense for $31,000 and credit Accumulated Amortization for $31,000. debit Amortization Expense for $62,000 and credit Accumulated Amortization for $62,000. report no Amortization Expense because patents are not subject to amortization