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Tesla purchased an auto-piloting system for $10,000,000 on January 1, 2016. It expects to use...

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Accounting

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Tesla purchased an auto-piloting system for $10,000,000 on January 1, 2016. It expects to use the system for 5 years, estimates a salvage value of $500,000, and uses the straight-line depreciation method. At the end of 2016 (after the system has been in use for 1 years), a state-of-art new auto-piloting system becomes available. With the arrival of the new auto-piloting system, Tesla plans to use its existing auto-piloting system only through the end of 2018 and the salvage value declines to $100,000 at the end of 2018. How much is the depreciation expense on the existing auto-piloting system for the period from January 1, 2018 to December 31, 2018

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