Equipment Was Acquired on January 1, 2007, at a Cost

Essay

Equipment was acquired on January 1, 2007, at a cost of $80,000. The equipment was originally estimated to have a salvage value of $5,000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2010, using the straight-line method. On January 1, 2011, the estimated salvage value was revised to $6,000 and the useful life was revised to a total of 8 years.
Instructions
Determine the Depreciation Expense for 2011.