Question - GS Company takes a full year's depreciation expense in the year of an asset's acquisition, and no depreciation expense in the year of disposition. Data relating to one of GS's depreciable assets at December 31, year 5, are as follows:
Acquisition year Year 2
Cost $110,000
Residual value $20,000
Accumulated depreciation $72,000
Estimated useful life 5 years
Using the same depreciation method as used in year 2, year 3, and year 4, how much depreciation expense should GS record in year 5 for this asset?