On January 2,2016,a firm purchased equipment for $8,500.Depreciation expense for the year ending December 31,2016,given the straight-line method,a 5-year useful life,and a salvage value of $1,500,is

Name: On January 2,2016,a firm purchased equipment for $8,500.Depreciation expense for the year ending December 31,2016,given the straight-line method,a 5-year useful life,and a salvage value of $1,500,is
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Depreciation expense = (Cost - Salvage value) / Useful life= (8,500 - 1,500) / 5= $1,400

On January 2,2016,a Firm Purchased Equipment for $8,500