On January 1, 2015, Wayne's Waffle House purchased a freezer for $45,000. The freezer had an estimated useful life of 10 years and an estimated residual value of $3,000 at the time of purchase. Wayne spent $10,000 on January 1, 2017, to replace the freezer motor. This replacement increased  Notify users this quiz has changed the freezer's life by 5 years and the residual value by $2,000. Assuming that straight-line depreciation is used, what will be the depreciation expense for 2017?

• $3,200 
• $3,585 
• $8,320 
• $3,431

Answer rating: 100% (QA)

Answeroption a Explanation Depreciat... View the full answer