Pippen Company purchased a piece of equipment at the beginning of 2012. The equipment cost 502,000. It has an estimated service life of 8 years and an expected residual value of 70,000. The sum-of-the-years’-digits method of depreciation is being used. Someone has already correctly prepared a depreciation schedule for this asset. This schedule shows that 60,000 will be depreciated for a particular calendar year.

Instructions Show calculations to determine for what particular year the depreciation amount for this asset will be 60,000.