When Indigo Company acquired new equipment costing $1,750 on the first day of the year, the bookkeeper debited Depreciation Expense and credited Cash for the whole amount. The equipment has an expected service of 5 years and an expected residual value of $310. Required 1: What is the correct amount of depreciation expense Indigo should report on the year end income statement? $ Required 2: What is the amount for accumulated depreciation Indigo should show on the year end balance sheet? (type it as a positive number) $ Required 3: What net amount (1.e., cost net of accumulated depreciation) should Indigo show for equipment on the year end balance sheet? $

When Indigo Company acquired new equipment costing $1,750 on the first day of the year, the bookkeeper debited Depreciation Expense and credited Cash for the whole amount. The equipment has an expected service of 5 years and an expected residual value of $310 Required t What is the correct amount of depreciation expense Indigo should report on the year end income statement? S Required 2: What is the amount for accumulated depreciation Indigo should show on the year end balance sheet? (type it as a positive number) $ Required 3 . What net amount (p.e, cost net of accumulated depfectiation) should indigo show for equipment on the year end bafance sheet? $