Question 26 4 pts On January 1, 2017 MKG, Inc. paid $350,000 for a piece of equipment that is expected to have a 10 year useful life. In this industry the residual value of equipment is initially estimated at 10% of the asset's cost. On January 1, 2021 MKG Inc. performed an extraordinary repair on the equipment at a cost of $60,000 that extended the useful life to a total of 16 years and changed the residual value to $20,000. Assuming, MKG Inc. uses the straight-line depreciation method, calculate the amount of depreciation expense reported on the December 31, 2021 income statement? Answer: $