Straight-Line Depreciation Method Tinker's Toys is an upstart toy company that creates eco-friendly toy trains using sustainably harvested wood and plant-based dyes. On January 9, 2012, Tinker's Toys purchased woodworking equipment for $222,000, estimating it to have a useful life of 5 years and a salvage value of $15,000. Tinker's Toys uses the straight-line depreciation method. Compute depreciation and prepare the necessary adjusting entries through December 31, 2013. Woodworking Equipment Debit Credit 222,000 Accumulated Depreciation Debit Credit Depreciation Expense Debit Credit 0 Beg Beg 0 Beg. Bal. 222,000 Bal. 0 Bal. What is the amount of depreciation on the woodworking equipment in 2012? CHECK MY WORK SHOW SOLUTION