Housner Company bought machinery on January 1, 2018 at a cost of $600,000. The machinery had an estimated life of ten years and salvage value of $50,000. On January 1, 2020, Housner estimates that the machinery will have a life of only five more years and a $60,000 salvage value. Horton uses straight-line depreciation. Compute the revised annual depreciation. > Question 36 2 pts Susan Company bought equipment on July 1, 2019 at a total cost of $500,000. The equipment has an estimated useful life of 5 years and salvage value of $100,000. Susan uses the double-declining-balance method of depreciation. Compute depreciation for 2020. Question 37 2 pts Australia Mining purchased an iron mine for $4,500,000. The mine was expected to produce 10,000,000 tons of ore over twenty years with no salvage value. During the first year, 600,000 tons of ore were mined and sold. Depletion expense for the first year is