A company purchased equipment for $700,000 which was estimated to have a useful life of 9 years with a salvage or residual value of $16,000 at the end of that time. Depreciation has been recorded for 3 years on a straight-line basis. In 2020 (year 4), it is determined that the total estimated life should be 13 years with a residual or salvage value of $12,000 at the end of that time.

What is the net book value a the time of the change? write out the number, include a comma where appropriate, do not include decimals, do not use a dollar sign (i.e. 200,000)

What is depreciation expense for 2020?