Assume you are the accountant for a small business. Consider the following situation.On January $2,2019,$ the business purchased a large piece of equipment for $$410,000.$ At that time, you used straight line depreciation, with $$11,000$ salvage value to depreciate the equipment over $7$ years. It is now January $2,2022,$ you have already recorded depreciation for $2021.$ You realize that the estimate of useful life that you are using to calculate depreciation is inaccurate. You now estimate that the equipment will only be useful for $5$ years from the date of acquisition with a salvage value of $$7,000.$ You are to write a message to the President, Janet Brown, describing how this change will affect the $2022$ financial statements, both the income statement and balance sheet. Give a high level overview on how you calculated the new depreciation expense and accumulated depreciation. Also, discuss how this change will affect prior years financial statements.Remember your audience.