$(3$ 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 $2023.$