Jack's Copy Shop bought equipment for $240,000 on January 1. 2016. Jack estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2017, Jack decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2017? 1) $80,000. 2) $32,000. 3) $40,000. 4) $60,000