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A company purchased equipment at the beginning of 2021 for $500,000. The equipment is depreciated...

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Accounting

A company purchased equipment at the beginning of 2021 for $500,000. The equipment is depreciated on a straight-line basis with an estimated useful life of nine years and a $50,000 residual value. At the beginning of 2024, the company revised the equipments useful life to a total of seven years (four more years) because of changing customer demand. The company also revised the expected residual value to $30,000. What depreciation expense would the company record for the year 2024 on this equipment? Multiple Choice $80,000. $87,500. $50,000. $75,000.

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