Computing Straight-Line Depreciation On January 1, 2020, equipment is purchased for $240,000. The company incurred installation costs of $600 and freight charges on delivery of $1,000. The equipment has a $20,000 residual value and an expected useful life of five years. a. Determine depreciation expense for 2020 using the straight-line depreciation method. $ 44,320 b. Answer part a, assuming that the appraised value of equipment is $185,000 on December 31, 2020? $ 41,250