On May 1, 2021, Concord Company sells office furniture for $291600 cash. The office furniture originally cost $760000 when purchased on January 1, 2014. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $77800.
What depreciation expense should be recorded on this asset in 2021? On May 1, 2021, Concord Company sells office furniture for \( \$ 291600 \) cash. The office furniture originally cost \( \$ 760000 \) when purchased on January 1, 2014. Depreciation is recorded by the straight-line method over 10 years with a salvage value of \( \$ 77800 \). What depreciation expense should be recorded on this asset in 2021?