On January 1, 2016, Joshua Co purchased a building and machinery that have the following useful lives, salvage value, and costs.

Building, 25-year estimated useful life, $9,000,000 cost, $900,000 salvage value

Machinery, 10-year estimated useful life, $1,200,000 cost, no salvage value

In 2021, the company decided to change the total useful life of the machinery to 8 years, with a salvage value of $60,000 at the end of that time.

The machinery is depreciated using the straight-line method.

Instructions

Compute depreciation expense on the machinery for 2021.