Question $1$ options:

Use the information below to answer the questions that follow. Enter your answers using digits only $-$ no dollar signs, commas, or decimal points. The business's year$-$end is December $31.$

Cost of equipment $=325000$

Useful life in years $=8$

Residual value $=25000$

Date purchased $=$ July $31$

What is the depreciation expense per year?

What is the depreciation expense per month?

What is the depreciation expense in the year of purchase?