Marker Steel purchased a machine on January 1, 20X1, at a cost of $380,000 with an estimated residual value of $30,000 at the end of its estimated useful life of eight years. On January 1, 20X3, Proctor Paper estimates that the machine only has a remaining life of five years and a residual value of $20,000. Proctor Paper uses straight-line amortization. Depreciation expense for 20X3 would be:

-$48,500

-$55,000

-$54,500

-$57,000