On January 2, Year 1, King Company purchased equipment costing $25,200. The equipment has an estimated salvage value of $3,600 and an estimated useful life of 12 years. King Company uses straight-line depreciation. On January 5 of Year 5, new information suggests that the equipment will have a total useful life of 10 years and a revised salvage value of $2,880. Required: 1. Compute depreciation expense for Year 5. 2. Compute the book value of the equipment at the end of Year 5. 1. Depreciation expense for Year 5: $ 1 2. Book value at the end of Year 5: X 5