Holt Developments Ltd$.$ put an asset in service on January $1,2021.$ Its cost was $$486,000,$ its predicted service life was six years, and its expected residual value was $$48,600.$ The company decided to use double$-$declining$-$balance depreciation. After consulting with the company's auditors, management decided to change to straight$-$line depreciation in $2023,$ without changing either the original service life or residual value.Required:a$.$ What is depreciation expense for $2023?$Depreciation expenseb. Calculate the effect of this change on retained earnings.Retained earnings willbyMcGrawHill Prev$10$ of $10$Next