On March 1, 2000, Barnes Company purchased equipment at a cost of $50,000. The equipment was estimated to have a salvage value of $5,000 and it is being depreciated over eight years under the sum-of-the-years'-digits method. Barnes is a calendar-year company. What should be the charge for depreciation of this equipment for the year ended December 31, 2002?
a. $8333.3
b. $10000
c.$8958.4
d. 7708.3
I KNOW THE ANSWER IS D..PLEASE HELP EXPLAIN THE SOLUTION
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