What is the depreciation expense for the second year (straight-line method) using the following?

Question

Quizplus · Accepted Answer

To calculate the depreciation expense for the second year using the straight-line method, we need to divide the depreciable cost (original cost minus salvage value) by the useful life of the asset in years. 
Depreciable cost = $50,000 - $5,000 = $45,000
Useful life in years = (5 years + 7 years) / 2 = 6 years
Depreciation expense per year = $45,000 / 6 years = $7,500
Therefore, the depreciation expense for the second year would be $7,500.

What Is the Depreciation Expense for the Second Year (Straight-Line