Question 4

Equipment was purchased on January 1, 2015 for $70,000. The asset is expected to last for four years, at which time the estimated residual value will be $12,000. Required Prepare a table showing the amount of depreciation expense each year, accumulated depreciation to date and net book value. The company uses straight-line depreciation. Do not enter dollar signs or commas in the input boxes. Round all dollar figure answers to the nearest whole number. Year Cost of Long-Term Asset Depreciation Expense Accumulated Depreciation Net Book Value 2015 $70,000 $ 2016 $70,000 AI 6964 2017 $70,000 2018 $70,000