Holt Developments Ltd. put an asset in service on January 1, 2018. Its cost was $450,000, its predicted service life was six years, and its expected residual value was $45,000. 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 2020, without changing either the original service life or residual value. Required: a. What is depreciation expense for 2020? Depreciation expense b. Calculate the effect of this change on retained earnings. Retained earnings will by Holt Developments Ltd. put an asset in service on January 1, 2018 Its cost was $450,000, its predicted service life was six years, and its expected residual value was $45,000. 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 2020, without changing either the original service life or residual value. Required: 6. What is depreciation expense for 2020? Depreciation expense service life or residual value. Required: a. What is depreciation expense for 2020? Depreciation expense b. Calculate the effect of this change on retained earnings Retained earnings will by