m2 - Chapter 5-8 Seved Help Save & Exit Sul 56 Baker Company purchased equipment on January 1. Year 1 for $116,000. The equipment is estimated to have a 5-year life and a salvage value of $17,000. The company uses the straight-line depreciation method. At the beginning of Year 4 Baker revised the expected life to eight years. The annual amount of depreciation expense for each of the remaining years would be: 66 oints 00:13:20 Multiple Choice $7.920 o $7075 $11,320 $4.950