Assume that Bloomer Company purchased a new machine on January 1, 2017, for $64,700. The machine has an estimated useful life of nine years and a residual value of $6,470. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2019, Bloomer discovered that the machine would not be useful beyond December 31, 2022, and estimated its value at that time to be $2,200.

Required:

1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2017 to 2022. If necessary, round any depreciation calculations to the nearest dollar.

Year	Depreciation Expense	Accumulated Depreciation	Book Value
2017
2018
2019
2020
2021
2022

2. Depreciation for 2017 and 2018 was not wrong. Bloomer Company made a correction of error or a change in estimate based on new information or historical information. This requires restating financial statments, correcting the errors, revising depreciation for future recording and the past estimates are considered wrong, correct for the past time periods since the company used the best information available at that time.