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Renewable Energies, Incorporated (REI) paid $100,000 to purchase a windmill. The windmill was expected to...

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Accounting

Renewable Energies, Incorporated (REI) paid $100,000 to purchase a windmill. The windmill was expected to have an 8-year useful life and a $20,000 salvage value. At the beginning of the fifth year of operation, REI changed the estimated useful life from 8 years to 14 years. Assuming the company uses the straight-line method, the amount of depreciation expense on the Year 5 income statement would be

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