Iverycoast inc. purchased a van on january 1, 2015, for $800,000. estimated life of the van was 5 years, and its estimated residual value was $90,000. iverycoast uses the straight-line method of depre

Iverycoast inc. purchased a van on january 1, 2015, for $800,000. estimated life of the van was 5 years, and its estimated residual value was $90,000. iverycoast uses the straight-line method of depreciation. at the beginning of 2017, the company revised the total estimated life of the asset from 5 years to 4 years. the estimated residual value remained the same as estimated earlier. calculate the depreciation expense for the year 2017.