Lowe Company purchased a machine at a cash cost of $25,000 and is depreciating it over a 10-year estimated useful life with a residual value of $3,000.At the beginning of the eighth year,a major overhaul on it was completed at a cost of $8,000,and the total estimated useful life was changed to 12 years with the residual value unchanged.depreciation expense for year 8 would be which of the following (assuming straight-line depreciation)?
A)$2,200
B)$2,920
C)$3,100
D)$8,800

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The Answer of Lowe Company purchased a machine at a cash cost of $25,000 and is depreciating it over a 10-year estimated useful life with a residual value of $3,000.At the beginning of the eighth year,a major overhaul on it was completed at a cost of $8,000,and the total estimated useful life was changed to 12 years with the residual value unchanged.depreciation expense for year 8 would be which of the following (assuming straight-line depreciation)?
A)$2,200
B)$2,920
C)$3,100
D)$8,800

Lowe Company Purchased a Machine at a Cash Cost of $25,000