A corporation purchased a depreciable asset for $420,000 on January 1, 2008. The estimated salvage value is $42,000, and the estimated total useful life is 9 years. The straight-line method is used for depreciation. In 2011, the corporation changed its estimates to a useful life of 5 years (in total) with a salvage value of $70,000. What is 2011 depreciation expense?

$42,000

$70,000

$112,000

$126,000