Question 7 2 pts BITCO purchased a depreciable asset for $22,000 on March 1, 2017. The asset will be depreciated on the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, 2020? $19,166.67 $20,000.00 $16,666.68 $5,000.00 $4,166.67 Question 8 2 pts A company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, the amount of monthly depreciation expense that should recognized is: $2,400 $200 $400 $4,800 $450