2. (3 points) Machinery purchased for $1,000,000 by Tom Brady Co. in 2015 was originally estimated to have a life of 14 years with a salvage value of $20,000 at the end of that time. Depreciation has been recorded for 8 years on this basis. In 2023, it is determined that the total estimated life should be 16 years with a salvage value of $10,000 at the end of that time. Assume straight-line depreciation. Instructions (a) Determine the depreciation expense for 2023.