On January 1, 2016. Powell Company purchased machinery having the following useful lives, salvage value, and costs. Machinery. 10 -year estimated useful life, $700,000 cost, no salvage value In 2021. Powell decided to change the total useful life of the machinery to 8 years, with a salvage value of $33,000 at the end of that fime. The machinery is depreciated using the straight-line method. Compute depreciation expense on the machinery for 2021 . Do not make the journat entry, SHOW YOUR CALCULATIONS