please explain why book value is 70000 and req 2 ans is 56000

Assume that XYZ Catering Services paid $112 000 for equipment with a 16 year de andere expected residual va A more years sing the equipment for six years, the company determines that we will remain for only ve Read the requirements Requirement 1. Record depreciation expense on the equipment for year 7 by the straight line method First select the form to calculate the company's revised depreciation expense on the equipment for year? Then enter the amounts and calculate the depreciation for year? En forms with a roval Revised Record the depreciation on the equipment for year Record debts first the credits Soled the explanation on the l ine of the journal entry table Accounts and Explanation Depenen Acolated Depreciation Equipment Read the requirements. Residual value )/ Revised useful life remaining Book value 70,000 de ( $ - $ Date Record the depreciation on the equipment for year 7. (Record debits first, then credits. Select the explanation on the las Accounts and Explanation Debit Credit Depreciation Expense-Equipment 14,000 Accumulated Depreciation Equipment 14,000 To record depreciation on equipment Requirement 2. What is accumulated depreciation at the end of year 7? The accumulated depreciation at the end of year 7 is 5 56.000 37 Revised useful life remaining Revised depreciation = 1 Requirements bits 1. Record depreciation expense on the equipment for year 7 by the straight-line method. 2. What is accumulated depreciation at the end of year 7? Print Done year 7? 56.000 he red arrows to see incorrect answers