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On January 1, 2027, Talion Company purchased equipment that cost $300,000. The equipment had an...

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Accounting

On January 1, 2027, Talion Company purchased equipment that cost $300,000. The equipment had an expected useful life of 10 years and a residual value of $10,000. On January 1, 2031, Talion Company decided the life of the equipment should be changed from 10 years to 20 years with a salvage value at the end of the 20 years being equal to $5,000. Talion Company uses the double-declining balance method to record depreciation on its assets. Calculate the amount of depreciation expense recorded on the equipment for 2032.

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