The Hilton Skating Club used straight$-$line depreciation for a used Zamboni ice$-$resurfacing machine that cost $$50,000,$ under the assumption it would have a four$-$year life and a $$6,300$ trade$-$in value. After two years, the club determined that the Zamboni still had three more years of remaining useful life, after which it would have an estimated $$4,240$ trade$-$in value.

Required:

Calculate the Zamboni's book value at the end of its second year.

Zamboni's book value

$$10,925$

Calculate the amount of depreciation to be charged during each of the remaining years in the Zamboni's revised useful life.

Amount of depreciation

$$,10,925$