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On January 2, Year 1, Gonzalez Company purchased equipment costing $46,800. The equipment has an...

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Accounting

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On January 2, Year 1, Gonzalez Company purchased equipment costing $46,800. The equipment has an estimated salvage value of $6,840 and an estimated useful life of 15 years. Gonzalez Company uses straight-line depreciation. On January 5 of Year 5 , new information suggests that the equipment will have a total useful life of 12 years and a revised salvage value of $6,480. Required: 1. Compute depreciation expense for Year 5. 2. Compute the book value of the equipment at the end of Year 5

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