Answer:
The depreciation expense for 2020 is C. $49,143
Explanations :
Straight line method charges a fixed amount of depreciation for the period of use of an asset.
Depreciation Charge = (Cost - Residual Value) / Estimated useful life
2017
Depreciation Charge = ($530,000 - $14,000) / 7 years
= $73,714.29
2018
Depreciation Charge = $73,714.29
2019
Depreciation Charge = $73,714.29
2020
The estimated useful life is now estimated at 9 years in total (hence 6 years remaining) and the residual value remain unchanged.
Depreciation Charge = (Cost - Accumulated depreciation to date - Residual Value) / Remaining useful life
= ($530,000 - $73,714.29 - $73,714.29 - $73,714.29 - $14,000) / (9 - 3) years
= $294,857.13 / 6 years
= $49,142.855 or $49,143 (to the nearest dollar.)
Conclusion :
The depreciation expense for 2020 is $49,143 (to the nearest dollar.)