55. Santayana Company purchased a machine on January 1, 2016, for $12,000 with an estimated salvage value of $3,000 and an estimated useful life of 8 years. On January 1, 2018, Santayana decides the machine will last 12 years form the date of purchase. The salvage value is still estimated at $3,000. Using the straight-line method, the new annual depreciation will be A) $675 B) $750 C) $900 D) $1,000