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5. Assume that Banker Company purchased a new machine on January 1, 2016, for $96,000....

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Accounting

5. Assume that Banker Company purchased a new machine on January 1, 2016, for $96,000. The machine has an estimated useful life of nine years and a residual value of $6,000. Banker has chosen to use the straight-line method of depreciation. On January 1, 2018, Banker discovered that the machine would not be useful beyond December 31, 2021, and estimated its value at that time to be $4,000. Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2016 to 2021.

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