Machinery was purchased at the beginning of 2017 for $950,000. At the time of its purchase, the machinery was estimated to have a useful life of six years and a salvage value of $80,000. The machinery was depreciated using the straight-line method through 2019. At the beginning of 2020, the estimated useful life was revised to a total of eight years and the expected salvage value was changed to $73,000. The amount recorded for 2020 depreciation expense should be $55.250 $109,625 $88.400 $103,000