Your team has just purchased new fitness equipment for its training facility. The equipment is expected to have a life of four years. It cost $60,000 and you think it will be worth $2,000 (in other words, have a scrap value of $2,000) at the end of the four years. 52. Calculate the depreciation expense and the book value of the equipment at the end of each year using straight line depreciation. Year Depreciation expense Book value at end of year