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Assume tha Smitts Auto Sales paid $45,000 for equipment with a 15-year he and zero expected residual value After using the equipment for six years, the company determines that the asset will reman for only tive more years Read the reautements Requirement 1. Record depreciation expense on the egipment for Year I by the straight to First select the forma to calculate the company's revised orpreciation expense on the equipment for Year 7. Then enter the amounts and cautate the depreciaton tar ems with a re Reved Record the year 7 piec drom tr, then cedes Seet the nation on the last ne of the you) Accounts and Explanation Date DI Creat pli Requirement 2 Vinal as accumulated depreciation at the end of Year 77 The accumulated depreciation at the end of Year? ble evie ecti jecti me depreciation on the equipment for Y Accounts ement 2. What is accumulated deprecia ccumulated depreciation at the end of Ye Then enter the amounts and calculate the depreciation for Year 7. (Enter for items Revised depreciation - X Requirements 1. Record depreciation expense on the equipment for Year 7 by the straight ane method. 2. What is accumulated depreciation at the end of Year 7? Print Done