Suppose a company purchases a piece of equipment for

$ 42 comma 000$42,000

at the beginning of the year. The equipment is estimated to have a useful life of

threethree

years and no residual value. Using the depreciation method you learned about in this chapter, what is the depreciation expense for the first year of the asset's life? What is the book value of the equipment at the end of the first year? What is the book value of the equipment at the end of the second year?