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Lincoln Corporation purchased equipment on January 1, 2016 for $600,000. The company estimated the equipment...

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Accounting

Lincoln Corporation purchased equipment on January 1, 2016 for $600,000. The company estimated the equipment would have a useful life of 10 years with a $60,000 residual value. Lincoln uses the straight-line depreciation method. Early in 2018, Lincoln reassessed the equipments condition and determined that its total useful life would be only six years in total and that it would have no salvage value. How much would Lincoln report as depreciation on the equipment for 2018?

$72,000

$123,000

$82,000

$108,000

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