At the beginning of 2020, Whispering Winds Company acquired equipment costing $83,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $8,360 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year.During 2022 (the third year of the equipment’s life), the company’s engineers reconsidered their expectations, and estimated that the equipment’s useful life would probably be 7 years (in total) instead of 6 years. The estimated salvage value was not changed at that time. However, during 2025 the estimated salvage value was reduced to $5,000.Indicate how much depreciation expense should be recorded each year for this equipment, by completing the following table.Year Depreciation Expense Accumulated Depreciation2020202120222023202420252026

Depreciation is the methodical transfer of an asset's purchase price to the income statement over the course of the asset's anticipated useful life.It is calculated as the asset's depreciable value throughout its expected useful life, where depreciable value is the difference between the asset's cost and salvage value.

Mathematically,

(Cost - Salvage value)/Estimated useful life is the formula for depreciation.

Initial depreciation equals (120,000 - 12,000)/6, or $18,000.

For 2012 and 2013, this sum would be recognized as depreciation.

At the beginning of 2014, the asset's carrying value was equal to $120,000 minus 2($18,000) = $84,000.

The company's engineers reevaluated their projections in 2014 (the third year of the equipment's life) and predicted is the methodical transfer of an asset's purchase price to the income statement over the course of the asset's anticipated useful life.It is calculated as the asset's depreciable value throughout its expected useful life, where depreciable value is the difference between the asset's cost and salvage value.

Mathematically,

(Cost - Salvage value)/Estimated useful life is the formula for depreciation.

Initial depreciation equals (120,000 - 12,000)/6, or $18,000.

For 2020 and 2021 this sum would be recognized as depreciation.

At the beginning of 2014, the asset's carrying value was equal to $120,000 minus 2($18,000) = $84,000.

The company's engineers reevaluated their projections in 2022 (the third year of the equipment's life) and predicted

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