Question 4 (Depreciation) On January 2, 2002, Hagen Corporation purchased equipment costing $72,000. Hagen performs adjusting entries monthly. a. Record this equipment's depreciation expense on December 31, 2007, assuming its estimated life was eight years on January 2,2002 . b. Determine the amount of the equipment's accumulated depreciation reported in the statement of financial position dated December 31, 2007. (Accumulated Depreciation : The total depreciation taken to date.) Answers