TB EX Qu. 7-197 (Algo) China Dragon purchased new restaurant equipment... China Dragon purchased new restaurant equipment on September 1, 2024, for $7,000. Residual value at the end of an estimated five- year service life is expected to be $2,400. Required: Calculate depreciation expense using the straight-line method for 2024 and 2025, assuming a December 31 year-end. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Year 2024 2025 Depreciation Expense