Healthlabs Ltd. purchased lab equipment for $18,000 on January 1, 2016. At that time, management determined that the equipment would have a useful life of three years with no residual value and that the straight-line depreciation method would be used. On January 1, 2017, management revised its initial estimate and determined that the company would be able to use the lab equipment for a total of five years.
Required:
Determine the depreciation expense for 2017.