Tutorial Exercise Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,838. The useful life is 7 years and the salvage value is $12,945. Prepare a depreciation schedule using the straight line method. Mason Industries Depreciation Schedule-Drilling Annual Depreciation ($) Accumulated Depreciation (5) End of Year Book Value (5) $78,738 (new) 1 2 3 4 5 6 7