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Nicholson Company purchased equipment on January 1, 2018, for 120,000 with an estimated residual value...

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Accounting

Nicholson Company purchased equipment on January 1, 2018, for 120,000 with an estimated residual value of 30,000 and estimated useful life of 8 years. On January 1, 2020, Nicholson decided the equipment will last 12 years from the date of purchase. The residual value is still estimated at 30,000. Using the straight-line method the new annual depreciation will be?

A: 7,500

B: 6,750

C: 10,000

D: 9,000

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