Instructions Assume that Bloomer Company purchased a new machine on January 1, 2016, for $80,000. The machine has an estimated useful life of nine years and a residual value of $8,000. Bloomer has chosen to use the straight-line method of depreciation. On January 1, 2018, Bloomer discovered that the machine would not be useful beyond December 31, 2021, and estimated its value at that time to be $2,000. Required: 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2016 to 2021. 2. Was the depreciation recorded wrong in 2016 and 2017? If so, why was it not corrected? Depreciation Question 1. Calculate the depreciation expense, accumulated depreciation, and book value of the asset for each year 2016 to 2021. 2. Was the depreciation recorded wrong in 2016 and 2017? If so, why was it not corrected? based on Additional Instructions Bloomer Company made a This requires and the past estimates are Year Depreciation Accumulated Depreciation Book Value considered since the company used the best information 2016 available at that time. 2017 2018 2019 2020 2021