QS 8-5 Computing revised depreciation LO C2 On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $65,600. The band estlmates It will use thls equipment for five years. It estimates that after five years it can sell the equlpment for $2,000. Matthews Band uses straight-lne depreciation but realizes at the start of the second year that due to concert bookings beyond expectations, this equipment will last only a total of three years. The salvage value remains unchanged. Compute the revised depreciation for both the second and third years Book value at point of revision Remaining depreciable cost Depreciation per year for years 2 and 3