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Determine depreciation expense for the given year

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Question - Booker Corporation purchased equipment on June 7, 2015, for $100,000. It has an estimated life of 10 years and a residual value of $20,000. Booker uses straight line depreciation and rounds to the nearest month. On November 30, 2022, after a discussion with the shop foreman, Booker believes that the equipment will provide a useful life of 12 years and an estimated residual value of $15,000.

Required - Determine depreciation expense for the year 2022.

Reference no: EM132842936

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