Revision of Depreciation

Equipment with a cost of $504,500 has an estimated residual value of $50,000, has an estimated useful life of 45 years, and is depreciated by the straight-line method.

a. Determine the amount of the annual depreciation. $fill in the blank 1

b. Determine the book value after 20 full years of use. $fill in the blank 2

c. Assuming that at the start of the year 21 the remaining life is estimated to be 29 years and the residual value is estimated to be $38,600, determine the depreciation expense for each of the remaining 29 years. $fill in the blank 3