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Compute the depreciation expense for each of the seven years

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Question - Banger Co. purchased delivery equipment for $56,000 on January 1, 2018. Banger estimated that the delivery equipment would have a life of five years and a $6,000 salvage value. Banger uses the straight-line method to compute the depreciation expense. At the beginning of year 4 (2021) Banger revised the useful life of the delivery equipment to be a total of seven years. The estimated salvage value was not changed. Compute the depreciation expense for each of the seven years.

Reference no: EM132515381

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