Background: On January 1, 2016, Miller Company purchased new manufacturing equipment for $500,000. The equipment had an estimated $75,000 salvage value at the end of its estimated 10 year useful life. This company uses the Straight Line depreciation method. Before adjusting the accounts for 2021, Walker reduces the useful life of the equipment by 1 year and decreases the salvage value to $60,000. Directions: Part 1: Calculate Depreciation Expense for 2016 Part 2: Calculate Depreciation Expense for 2017 Part 3: What is the equipments book value at the end of 2020 after recording 2020 depreciation? Part 4: Calculate Depreciation Expense for 2021 Part 5: What is the equipments book value at the end of 2021 after recording 2021 depreciation?