3. Payton Company purchased a machine on January 1, 2020, at a cost of $90,000. It is expected to have an estimated residual value of $5,000 at the end of its 5-year life. The company capitalized the machine and depreciated it in 2020 using the double-declining balance method of depreciation. The company has a policy of using the straight-line method to depreciate equipment but the company accountant neglected to follow company policy when he used the double-declining-balance method. Net income for the year ended December 31, 2020 was $55,000 as the result of depreciating the machine incorrectly Instructions Using the method of depreciation which the company normally follows, prepare the correcting entry and determine the corrected net income. (Show computations.)