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Determine estimated salvage value

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Question 1: On September 1, 2018, Speaker Company purchased equipment for $66,000, and installation costs totaled $5,000. The equipment has an estimated useful life of 8 years and an estimated salvage value of $3,000. If the company uses the straight line method, the depreciation expense for 2018 would be: Select one:

a. $2,625

b. $8,500

c. $2,833.33

d. $4,250

  • Apparently the answer is C. but I do not understand why? Please explain

Reference no: EM132460607

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