A company purchased equipment for $40,000 on January 1. The equipment's original estimated useful life...
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A company purchased equipment for $40,000 on January 1. The equipment's original estimated useful life is 8 years and its estimated salvage value is $8,000. The company uses the straight-line method of depreciation. Before recording adjusting entries in the third year, the company decreases the estimated useful life by 3 years giving it a total life of 5 years. The company did not change the salvage value and continues to use the straight-line method. How much depreciation expense should be recorded for the third year
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