Notes: Depreciation for the year was recorded - $23 million for existing fixed assets.

1.) Calculate the New Depreciation necessary for the new equipment purchased this year, assuming Straight-line depreciation. HHL purchased equipment that cost $150,000 on the account. The equipment is expected to last 15 years and has no salvage value.

Answer the questions below using question 1:

What is the Asset Cost? xxx

What is the Salvage Value? xxx

What is the Asset Life? xxx

What is the Straight-line Depreciation Each Year? xxx

What is the HHL prior year depreciation? xxx

What is the HHL current year additional depreciation? xxx

The HHL total depreciation is? xxx