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. _______