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Your Company purchased equipment on January 1, Year One for $475,000. The machines were estimated...

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Accounting

Your Company purchased equipment on January 1, Year One for $475,000. The machines were estimated to have a 10-year life and a salvage value of $50,000. The company uses the straight-line depreciation method. At the beginning of Year 5, Your Company spent $35,000 on a major overhaul. As a result, the expected life was increased by three years and salvage was estimated to be $7,000. The annual amount of depreciation expense for each of the remaining years would be: (Round to nearest dollar if you need to.)

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