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On January 2, 2015, Kellogg Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual

On January 2, 2015, Kellogg Corporation acquired equipment for $300,000. The estimated life of the equipment is 5 years or 40,000 hours. The estimated residual value is $20,000. What is the book value of the asset on December 31, 2016, if Kellogg Corporation uses the straight-line method of depreciation? I do not understand how to solve this.

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