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Calculate the amount of depreciation expense recorded

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Question: Company purchased equipment costing $214,000 on January 1, 2022. The equipment was assigned an estimated useful life of 15 years and an estimated residual value of $10,000. The equipment was to be depreciated using the straight-line depreciation method.

On January 1, 2027, B17-ApY Company spent $54,000 in order to overhaul the equipment. This capital expenditure resulted in B17-ApY Company changing the life of the equipment from 15 years to 25 years and adjusting the residual value to be $4,700 at the end of the 25 years

Calculate the amount of depreciation expense recorded on the equipment for 2027.

Reference no: EM132753097

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