Equipment was purchased at the beginning of 2016 for $340,000. At the time of its purchase, the equipment was estimated to have a useful life of six years, and a salvage value of $40,000. The equipment was depreciated using the straight-line method of depreciation through 2018. At the beginning of 2019, the estimate of useful life was revised to a total life of eight years, and the expected salvage value was changed to $25,000. The amount to be recorded for depreciation for 2019, reflecting these changes in estimates, is $20,625 $33,000 $38,000 $39,375