Orange Pekoe Co’s fixtures and fittings were purchased on 1…
Orange Pekoe Co’s fixtures and fittings were purchased on 1 July 2022 at a cost of $50,000. The directors have depreciated them on a straight-line basis over an estimated useful life of eight years assuming a $5,000 residual value. At 1 July 2024, the directors realize that the remaining useful life of the fixtures is five years. There is no change to the estimated residual value. What is the depreciation expense for the fixtures and fittings for Orange Pekoe Co for the year ended 30 June 20X5?