#15-1

Kansas Enterprises purchased equipment for $72,500 on January 1, 2024. The equipment is expected to have a five-year service life, with a residual value of $6,600 at the end of five years. Using the straight-line method, depreciation expense for 2024 would be: Multiple Choice $13,180. $15,820. $29,000. $14,500.

Ranjit Inc. purchases equipment on January 1, 2025 at a cost of $500,000. The equipment has an expected useful life of 10 years and an estimated salvage value of $50,000. The depreciation expense for 2026 using the straight-line depreciation method is [Select] The depreciation expense for 2026 using the sum of the years' digits depreciation method is [Select] The depreciation expense for 2026 using the double-declining depreciation method is [Select]