10)Gordon Company purchased an asset on January 1, 2016 for $25,000. At that time, Gordon...
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10)Gordon Company purchased an asset on January 1, 2016 for $25,000. At that time, Gordon Company estimated the residual value would be $1,000 at the end of the asset's projected ten-year life. It is now January 1, 2020; Gordon Company now estimates the asset will have a residual value of $1,500, and has a remaining useful life of four years (will last until the end of 2023). Assuming Gordon Company uses the straight-line method, what will be the depreciation expense recorded for 2020?
A)$3,475
B)$2,937.50
C)$2,400
D)none of the above
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