Joyce Industries purchases $110,000 of machinery on January 1, 2021. The machinery is expected to have a 5-year useful life and a residual value of $10,000. On January 1, 2024, management determines that the equipment will last for an additional 2 years and the new residual value is $6,000. Joyce uses straight-line depreciation and has a calendar year end. Instructions: Calculate the depreciation expense related to this piece of machinery and determine the carrying value of the machinery on December 31, 2024.