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What will be the depreciation expense for the machine

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Question - Salvino Industries purchased a piece of equipment on January 1, 2015 for $42,750. At the time of purchase, the equipment was estimated to have a life of 4 years and a residual value of $3,350. On January 1 2017 Salvino determined that the equipment had a total useful life of 9 years (another 7 years left) and a residual value of $7,500. If Salvino uses the straight-line method of depreciation, what will be the depreciation expense for the machine in 2017?

Reference no: EM132573089

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