On March 1, 20X1, Jack purchases office equipment for use in his business. The equipment cost $3,500 and has a 5-year (60-month) estimated useful life. Calculate the depreciation expense for the following years, assuming the regular straight-line depreciation method (used for financial accounting purposes or for pre-1981 assets) is used. In your computations round any division to two decimal places and round your final answers to the nearest dollar. Year Depreciation Deduction 20X1 $fill in the blank 1 20X2 $fill in the blank 2 20X3 $fill in the blank 3 20X4 $fill in the blank 4 20X5 $fill in the blank 5 20X6 $fill in the blank 6 Total $fill in the blank 7

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