Current Attempt in Progress

Healthlabs Ltd$.$ purchased lab equipment for $$28,500$ on January $1,2020.$ At that time, management determined that the equipment would have a useful life of three years with no residual value and that the straight$-$line depreciation method would be used. On January $1,2021,$ management revised its initial estimate and determined that the company would be able to use the lab equipment for a total of five years.

Determine the depreciation expense for $2021.$

Depreciation expense for $2021$$