Short Answer (4 Marks) Q1. A firm purchased an equipment for a sum of $ 225,000 on 1* January, 2010. The useful life of the equipment is estimated to be 5 years. Equipment is estimated to have a salvage value of $25,000 at the end of its useful life of 5 years. You are required to calculate depreciation expenses per year according to straight line method. Also show the calculations of accumulated depreciation and book value each year. Note: Use the following table to present your answer: Year Depreciation Expense Accumulated Depreciation Book Value