Problem: Module 2 Textbook Problem 16 Learning Objectives: - 2-9 Calculate straight-line depreciation and show how it affects financial statements - 2-13 Show how revising estimates affects financial statements On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $62,400. The equipment had a three-year estimated life with a $3,900 salvage value. Straight-line depreciation was used. At the beginning of Year 3 , Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $2,900. Required Compute the depreciation expense for each of the four years, Year 1 to Year 4