Caterpillars Inc.,a manufacturing company,acquired equipment on January 1,2012 for $500,000.Estimated useful life of the equipment was 7 years and the estimated residual value was $10,000.On January 1,2015,after using the equipment for 3 years,the total estimated useful life has been revised to 9 years.Residual value remains unchanged.The company uses the straight-line method of depreciation.Calculate depreciation expense for the year 2015.

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The Answer of Caterpillars Inc.,a manufacturing company,acquired equipment on January 1,2012 for $500,000.Estimated useful life of the equipment was 7 years and the estimated residual value was $10,000.On January 1,2015,after using the equipment for 3 years,the total estimated useful life has been revised to 9 years.Residual value remains unchanged.The company uses the straight-line method of depreciation.Calculate depreciation expense for the year 2015.