Question: Please Help. Don't know what I'm doing wrong. Exon Company purchased equipment for $480,000 on January 1 , 2018. The equipment has an estimated residual

Please Help. Don't know what I'm doing wrong.

Exon Company purchased equipment for $480,000 on January 1 , 2018. The equipment has an estimated residual value of $40,000 and an estimated useful life of 10 years. The company depreciates the equipment using the sum-of-the-years' digit method. On January 1, 2021, the company determines that the total useful life is 8 years and the estimated residual value is $15,000. Required: 1. The equipment's book value at January 1,2021 is $ . Round your final answer to the nearest dollar. 2. The annual depreciation expense for 2021 is $ Round your final answer to the nearest dollar

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