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Calculate the depreciation expense

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Question - Martinez Company purchased a bulldozer on January 01, 2020. The bulldozer cost $240,000, and was depreciated on a straight-line basis, based on a 10-year life and $10,000 residual value. On January 01, 2022, Martinez revised its estimates of the bulldozers's useful life and residual value. It was now estimated that the bulldozer would last only 5 more years, and could be sold for only $2,300.

Required - Calculate the depreciation expense for 2022.

Reference no: EM132531261

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