Please answer completely with in depth explanations and calculations.

20229602023LA960202412632025tA1706 Situation 1: Martinez Corporation purchased electrical equipment at a cost of $12,000 on June 2, 2020. From 2020 through 2023, the equipment was depreciatedon a straight-line basis, under the assumption that it would have a 10-year useful life and a $2,400 residual value. After more experience and before recording 2024's depreciation, Martinez revised its estimate of the machine's useful life downward from a total of 10 years to 8 years, and revised the estimated residual value to$1,900. On April 29,2025, after recording part of a year's depreciation for 2025, the company traded in the equipment for a newer model, and received a $3,900 trade-inallowance, even though the equipment's fair value was only $2,700. The new asset had a list price of $14,800 and the supplier accepted $11,000 cash for thebalance. The new equipment was depreciated on a straight-line basis, assuming a seven-year useful life and a $1,310 residual value. Determine the amount of depreciation expense reported by Martinez for each fiscal year for the years ended December 31, 2020, to December 31, 2025. (Rounddepreciation expense per month and final answers to O decimal places, e.g. 5,275.) Year Depreciation expense2020 $ 4802021 $ 960 2022 $ 960