On July 1, 2016, Nike Company purchased for $2,160,000 snow-making equipment having an estimated useful life of 5 years with an estimated salvage...

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(b) Assume the company had used straight-line depreciation during 2016 and 2017. During 2018, the company determined that the equipment would be useful to the company for only one more year beyond 2018. Salvage value is estimated at $120,000.

(1) Compute the amount of depreciation expense for the 2018 income statement.

Please show all calculations in Excel. With formula shown.