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Nanki Corporation purchased equipment on January 1, 2014, for $617,000. In 2014 and 2015, Nanki depreciated the asset on a straight-line basis with an estimated

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Nanki Corporation purchased equipment on January 1, 2014, for $617,000. In 2014 and 2015, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $5,000 residual value. In 2016, due to changes in technology, Nanki revised the useful life to a total of 5 years with no residual value. What depreciation would Nanki record for the year 2016 on this equipment? (Round your answer to the nearest dollar amount.) Multiple Choice $154,667 O $102,000 $101,589. None of these answer choices are correct

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