Klein, Inc. purchased a piece of manufacturing equipment for $40,000 on January 1, 2020. Using...
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Klein, Inc. purchased a piece of manufacturing equipment for $40,000 on January 1, 2020. Using the straight-line method of depreciation, Klein began to depreciate the asset over an estimated useful life of 4 years and with an estimated salvage value of $4,000. At the end of the second year, Klein determined that the equipment actually had four more years remaining (for a total useful life of six years) but that its estimated salvage value would remain at $4,000. Based on this new information, depreciation expense during the third year would be
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