Reference no: EM132929422

Question - Ac9-K2b Company purchased a piece of equipment on January 1, 2028 January 1, 2028 for $352,000. The equipment was assigned a residual value of $24,900, had an estimated useful life of sixteen years, and was depreciated using the double-declining balance depreciation method double-declining balance depreciation method . On January 1, 2030 January 1, 2030, Ac9-K2b Company spent $85,500 to overhaul the equipment. This overhaul added new functionality to the equipment and extended the useful life of the equipment by 6 years (to a total of 22 years) with a residual value of $2,900 at the end of the 22 years. Calculate the depreciation expense depreciation expense recorded on the equipment for 2031 2031.