4) On May 1, 2022, Chomps changes their estimate and believes they can only produce another 200,000 units before the Equipment is sold for $3,000. Using Units of Production, what is the new depreciation rate? Using units of the production and the estimated levels of production below, prepare an adjusted depreciation schedule for the remaining life of the Equipment.

Year Expected Units of Production Beginning Book Value Depreciation Expense Ending Book Value 1 50,000 2 70,000 3 55,000 4 52,000 5 48,000 6 45,000