Transcribed Image Text: Healthlabs Ltd. purchased lab equipment for $16,500 on January 1, 2020. At that time, management determined that the equipment would have a useful life of three years

Transcribed Image Text: Healthlabs Ltd. purchased lab equipment for $16,500 on January 1, 2020. At that time, management determined that the
equipment would have a useful life of three years with no residual value and that the straight-line depreciation method would be
used. On January 1, 2021, management revised its initial estimate and determined that the company would be able to use the lab
equipment for a total of five years.
Determine the depreciation expense for 2021.
Depreciation expense for 2021
2$
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