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Calculate the amount of depreciation expense reported

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Reference no: EM133153866

Question - On January 1, 2018 MKG. Inc. paid $400,000 for a piece of equipment that is expected to have a 12 year useful life. In this industry the residual value of equipment is initially estimated at 10%% of the asset's cost. On January 1, 2021 MKG Inc. performed an extraordinary repair on the equipment at a cost of $70,000 that extended the useful life to a total of 17 years and changed the residual value to $30,000. Assuming, MKG Inc. uses the straight-line depreciation method, calculate the amount of depreciation expense reported on the December 31, 2021 income statement?

Reference no: EM133153866

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