An asset was purchased for $79,000 and originally estimated to have a useful life of 10 years with a residual value of $3,700. After two years of straight-line depreciation, it was determined that the remaining useful life of the asset was only 2 years with a residual value of $1,480.

a. Determine the amount of the annual depreciation for the first two years. $fill in the blank 1

b. Determine the book value at the end of Year 2. $fill in the blank 2

c. Determine the depreciation expense for each of the remaining years after revision. $fill in the blank 3

a. Determine the amount of the annual depreciation for the first two years. b. Determine the book value at the end of Year 2. \$ c. Determine the depreciation expense for each of the remaining years after revision