question archive Part 4: Long-lived assets (3 questions, 15 points) On January 1, 2015, Maple Inc
Subject:AccountingPrice: Bought3
Part 4: Long-lived assets (3 questions, 15 points)
On January 1, 2015, Maple Inc. purchased an equipment at a cost of $74,000. The estimated useful life of the equipment is 5 years, with a residual value of $4,000. The firm applies the straight-line depreciation method over the useful life of the equipment and has a December 31, fiscal year-end.
(1) The depreciation expense for the year 2016 is ___
(2) The net book value of the equipment on December 31, 2016 is ____