On January 1, 2017, Pollyford Corporation acquired machinery at a cost of $500,000. Pollyford adopted the straight-line balance method of depreciation for this machinery and had been recording depreciation over an estimated useful life of ten years, with no residual value. At the beginning of 2020, a decision was made to change the residual to $100,000. The remaining life of the machine is now estimated to be 10 more years. The depreciation expense to be recorded for the machinery in 2020 is (round to the nearest dollar)

a. $6,250

b. $12,500

c. $25,000

d. $75,000