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What amount would be recorded as depreciation expense

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Question - Trainor Corporation purchased equipment on January 1, 2020 at a cost of $500,000. The equipment has an estimated residual value of $50,000 and an estimated life of 5 years. At the beginning of year three, Trainor reevaluated the useful life of the equipment. Management extended the total useful life of 10 years, with 8 remaining useful years, but estimated that the equipment would have no residual value at the end of this time.

If the company uses straight-line depreciation, what amount would be recorded as depreciation expense each year, beginning with the third year?

Reference no: EM132607790

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