Apex Company purchased a tooling machine on January 3, 1998 for \($30,000\). The machine was being depreciated on the straight-line method over an estimated useful life of 20 years, with no salvage value.
At the beginning of 2008, when the machine had been in use for 10 years, the company paid \($5,000\) to overhaul it. As a result of this improvement, the company estimated that the remaining useful life of the machine was now 15 years.
Required:
What should be the depreciation expense recorded for this machine in 2008?