Equipment with a cost (or net revalued amount) of $11,000 an…
Equipment with a cost (or net revalued amount) of $11,000 and a residual value of $3,000 is acquired on the first day of the fiscal year. The equipment has an estimated useful life of eight years, and its total expected life is 10 years with no salvage value. Assuming straight-line depreciation is used, what is the annual depreciation expense under the requirements of ASPE?