Margaret Company purchased equipment on January 1, 2014, for $500,000. At the date of acquisition, the equipment had an estimated useful life of eight years with a $50,000 salvage value, and it was depreciated using the straight-line method. On January 1, 2019, based on updated information, Margaret decided that the equipment had a total estimated life of ten years and no salvage value. What is
the amount of depreciation expense on the equipment in 2019?
A) $56,250
B) $45,000
C) $21,875
D) $43,750
D
Business
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