Computing Depreciation with an Estimate Change Whitney Company purchases equipment on July 1 of Year 1...

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Computing Depreciation with an Estimate Change Whitney Company purchases equipment on July 1 of Year 1 for $34,000. This equipment has a useful life of five years and a residual value of $4,000. The company uses the straight-line depreciation method. On January 1 of Year 3, the company extended the estimate of the total useful life to six years and adjusted the residual value to $2,000. Compute depreciation expense for Year 3. Note: Round your answer to the nearest whole dollar. Depreciation expense for Year 3: $ 3,241 X Computing Depreciation with an Estimate Change Whitney Company purchases equipment on July 1 of Year 1 for $34,000. This equipment has a useful life of five years and a residual value of $4,000. The company uses the straight-line depreciation method. On January 1 of Year 3, the company extended the estimate of the total useful life to six years and adjusted the residual value to $2,000. Compute depreciation expense for Year 3. Note: Round your answer to the nearest whole dollar. Depreciation expense for Year 3: $ 3,241 X