Equipment acquired on October 1, 2024, at a cost of $750,000…

Equipment acquired on October 1, 2024, at a cost of $750,000, has an estimated useful life of 10 years. The residual value is estimated to be $80,000 and the company uses the straight-line method of depreciation. On October 1, 2029, the company re-estimated the residual value of the asset to be $100,000. Required: Calculate the depreciation expense for each year identified. Then, answer the following questions by filling in the blanks Instructions for Students: Enter the numerical values without negatives, commas, decimal point, or dollar signs. Eg. a $3,108 deduction is to be ENTERED as 3108 Calculate 2024 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate 2025 – 2028 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate the first nine months of 2029 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate the last three months of 2029 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______ Calculate 2030 Depreciation Expense for the equipment acquired. Enter your answer in the space below.  _______

Five years after purchasing your house (15-year, 3.50% loan,…

Five years after purchasing your house (15-year, 3.50% loan, $1,100 monthly payment), mortgage rates have dropped to 2.5%. You currently owe $100,000 on the original mortgage and would like to refinance for the lower rate but keep the same original end date. The cost to refinance is $3,000. What will be the new payment after refinancing?