Trainex Corporation purchased equipment on January 1, 2020 at a cost of $500,000. The equipment has an estimated residual value of $50,000 and an estimated life of 5 years. At the end of two years, Trainex reevaluated the useful life of the equipment. Management extended the total useful life an additional 5 years but estimated that the equipment would have no residual value at the end of this time. If the company uses straight-line depreciation, what amount (in whole dollars) would be recorded as depreciation expense 1) for 2020 , 2) for 2021 , and 3) for 2022 ? The journal entries to record depreciation in each of the years would include a debit to (what account?) and a credit to .