ABC Company purchased a building in 20X5 for $900,000. Straight-line depreciation was used, with a useful life of 25 years and a residual value of $50,000. A full year of depreciation was charged in 20X5. In 20X8, the company decided to switch depreciation methods to declining balance, using a rate of 15%. Requirement 1 - Assume this is a change in estimate, and calculate 20X8 depreciation expense. Requirement 2 - Assume this is a change in policy, and calculate 20X8 depreciation expense and cumulative effect of the change on 20x8 opening retained earnings