Question 16 XYZ, Inc. purchased equipment on January 1, 2020 for $30,000. The equipment has an estimated useful life of 8 years or 50,000 hours, and residual value of $3,000. What is depreciation expense for year 2021 using the straight-line method? A $3,375 B) $3,750 C) $2,500 5 Points D) $2,250

XYZ, Inc. purchased equipment on January 1,2020 for $30,000. The equipment has an estimated useful life of 8 years or 50,000 hours, and residual value of $3,000. What is depreciation expense for year 2021 using the straight-line method? $3,375 $3,750 $2,500 $2,250