On January 1, 2011, Maxie Storage Company purchased a freezer and related installation equipment for ($ 36,000).
Question:
On January 1, 2011, Maxie Storage Company purchased a freezer and related installation equipment for \(\$ 36,000\). The equipment had a three-year estimated life with a \(\$ 6,000\) salvage value. Straight-line depreciation was used. At the beginning of 2013, Maxie revised the expected life of the asset to four years rather than three years. The salvage value was revised to \(\$ 4,000\).
Required
Compute the depreciation expense for each of the four years.
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