On January 1, 2017, Nobel Corporation acquired machinery at a cost of $1,200,000. Nobel adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2020, a decision was made to change the residual value to $100,000. The amount that Nobel should record as depreciation expense for 2020 is

a) $120,000

b) $105,714

c) $103,333

d) $88,571