Winona Company purchased equipment that cost $120,000 cash o…
Winona Company purchased equipment that cost $120,000 cash on January 1, Year 1. The equipment had an expected useful life of five years and an estimated salvage value of $30,000. Winona depreciates its assets under the straight-line method. What are the amounts of depreciation expense recorded for Year 3 and the resulting balance of accumulated depreciation at December 31, Year 3 (after the depreciation entry), respectively?