A Company Purchased Factory Equipment on May 1, 2022 for $30,000.It

Multiple Choice

A company purchased factory equipment on May 1, 2022 for $30,000.It is estimated that the equipment will have a $4,200 residual value at the end of its 8-year useful life.Using straight-line depreciation, the depreciation expense for the years ended December 31, 2022 and 2023 is

A) $2,500 in 2022 and $3,750 in 2023.
B) $3,225 in 2022 and $3,225 in 2023.
C) $2,150 in 2022 and $3,225 in 2023.
D) none of the above