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On May 1, your company paid cash of $27,000 for computers that are expected to remain useful for six years. At the end of six years, the value of the computers is expected to be zero. Required 1. Using T-accounts, post the purchase of the computers on May 1 and the amortization on May 31 to the following accounts: Computer Equipment; Accumulated Amortization-Computer Equipment; and Amortization Expense-Computer Equipment. Show their balances at May 31. 2. What is the computer equipment's book value at May 31 ? 3. What amount is reported on the income statement on May 31? Requirement 1. Using T-accounts, post the purchase of the computers on May 1 and the amortization on May 31 to the following accounts: Computer Equipment; Accumulated Amortization-Computer Equipment; and Amortization Expense-Computer Equipmery. Show their balances at May 31. (Assume that the journal entries have been completed.) Calculate the amortization expense. Determine the formula for the amortization expense, and then use the formula to calculate the amount. (Round the amortization expense to the nearest whole dollar.)