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Application Problem 8-13 Healthlabs Ltd. purchased lab equipment for $20,400 on January 1, 2016. At...

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Application Problem 8-13 Healthlabs Ltd. purchased lab equipment for $20,400 on January 1, 2016. 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, 2017, 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 2017 Depreciation expense for 2017

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