On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000.

$3620
Explanation:
Assuming that the equipment depreciates with straight-line depreciation,
Initial Annual Depreciation = ($85,000 - $12,000)/5 = $14,600/year
NBV of equipment at December 30, 2022 = $85,000 - ($14,600*3) = $41,200
Revised Annual Depreciation = ($41,200 - $5,000)/10 = $3620/year

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