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Concord Corporation purchased a depreciable asset for $586000 on January 1, 2018. The estimated salvage value is $55000, and the estimated useful life is

Concord Corporation purchased a depreciable asset for $586000 on January 1, 2018. The estimated salvage value is $55000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. In 2021, Concord changed its estimates to a total useful life of 5 years with a salvage value of $88000. What is 2021 depreciation expense? $88600 $177000 $59000 $160500

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