Hello,

Could you please walk me through how to solve this problem? I am really lost. I understand some parts but I am really confused how the final answer of $20,480 was determined.

4. Harris Co. takes a full year's depreciation expense in the year of an asset's acquisition and no depreciation expense in the year of disposition. Data relating to one of Harris's depreciable assets at December 31, 2018 are as follows: 286 Acquisition year 2016 Cost $280,000 (243. 712 ) Residual value 40,000 36, 280 Accumulated depreciation 219,520 Estimated useful life 5 years Using the same depreciation method as used in 2016, 2017, and 2018, how much depreciation expense should Harris record in 2019 for this asset? a. $24, 192 b $20,480 [ 280 , 000 - 0 | = 1 12 C. $48,000 " 16 2 d. $56,000 ` 17 : 14 8,00 ] = 67, 200 '18 = 100.8 ] = 40 , 320 19 = 2 /5 + 40 48 = 24, 192 219, 530 th ant loss for property, plant, and