On January 1, 2021, the Esquire Corporation purchased equipment at a cost of $165,000. The equipment was expected to have a service life of 10 years and a $15,000 residual value. The straight-line depreciation method was used. At the beginning of 2023 the estimate of residual value was revised from $15,000 to zero. Depreciation for 2023 should be:

$45,000

Explanation:

Equipment cost: $165,000

We substract first the residual value of $15,000

Depreciable amount = $165,000 - $15,000

                                  = $150,000

By the straight-line method, we divide the depreciable amount by the number of useful life years to obtain the depreciation per year:

Depreciation per year = $150,000 / 10 years

                                      = $15,000

The equipment was purchased in 2021, it means that 3 years will have passed by the end of 2023. To find the depreciation expense at this moment in time we multiply the previous number by three.

Depreciation for 2023 = $15,000 x 3

                                      = $45,000

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