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What should be the depreciation expense for the equipment

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The Schoen Company purchased a piece of equipment at the beginning of 2004 for $60,000. The equipment was being depreciated using the straight-line method over an estimated life of 20 years, with no salvage value. At the beginning of 2014, when the equipment had been in use for 10 years, the company paid $10,000 to overhaul the equipment. As a result of this improvement, the company estimates that the useful life of the equipment will be extended an additional five years. What should be the depreciation expense for this equipment in 2014?

Reference no: EM13872314

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