Question - On January 1, 2016, Alpha Company purchased equipment for $16,000 with an estimated 10-year life and no salvage value. It was determined that the straight-line method of depreciation would be used. Alpha has a December 31 fiscal year end. During 2020, Alpha determined that the useful life for this equipment should be only 7 years. Using this information, how much is: (Enter only whole dollar values.)
1. the 2020 depreciation expense
2. the accumulate depreciation after the fiscal year 2020 adjusting entry
3. the book value of the truck after the fiscal year 2020 adjusting entry