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(3 point bonus) On January 1, 2019, ABC purchased a machine for $940,000. It was expected to last 10 years and have salvage value of
(3 point bonus) On January 1, 2019, ABC purchased a machine for $940,000. It was expected to last 10 years and have salvage value of $40,000. On January 1, 2021, it was determined that the machine would last longer than originally anticipated. The machine would last an additional two years (a total of 12 years rather than 10 years). Also, the salvage value would change from $40,000 to $60,000. ABC uses the straight-line method of depreciation. Compute the amount of depreciation expense for 2021
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