On January 1, 2020, Bauer Co. had purchased a machine for $60,000. This machine had an estimated service life of eight years and an estimated residual value of $4,000. It has been depreciated by the straight-line method since acquisition. On January 1, 2023, it was determined that the remaining service life for this machine was nine years and that the residual value would be $3,000. Required: Record the depreciation expense for 2023