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On July 1,2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was...

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Accounting

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On July 1,2019, Crane Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31.2022, (before calculating annual depreciation) the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000, Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation

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