Practice Question 24 Equipment was purchased for $800,000 on January 1, 2019. It has an estimated useful life of 8 years and a salvage value of $120,000. Depreciation is being computed using the straight-line method. What amount should be shown for the Equipment, net of accumulated depreciation, in the company's 2020 balance sheet? 0 $715,000. 0 $630,000. 0 $510,000. 0 $595,000