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Tatooine Corporation purchased satellite equipment on January 1, 2020, for $300,000. In 2020 and 2021,...

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Accounting

Tatooine Corporation purchased satellite equipment on January 1, 2020, for $300,000. In 2020 and 2021, Tatooine depreciated the asset on a straight-line basis using an estimated useful life of 5 years and a $95,000 residual value. In 2022, due to changes in technology, Tatooine revised the residual value to $41,000 but still plans to use the equipment for the full five years. How much would Tatooine's accountants record for the year 2022 as depreciation expense on this satellite equipment?

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