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Eckland Manufacturing Co. purchased equipment on January 1, 2014, at a cost of $90,000. Straight-line...

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Accounting

Eckland Manufacturing Co. purchased equipment on January 1, 2014, at a cost of $90,000. Straight-line depreciation for 2014 and 2015 was based on an estimated eight-year life and $2,000 estimated residual value. In 2016, Eckland revised its estimate and now believes the equipment will have a total service life of only six years, while the residual value remains the same. Required: Compute depreciation for 2016 and 2017.

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