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On March 21, 2015 Chaps purchased a customized paint machine for $60.000 and it was estimated to have a useful life of six years and

On March 21, 2015 Chaps purchased a customized paint machine for $60.000 and it was estimated to have a useful life of six years and a residual value of $15,000. During 2017, it was determined that the total useful life of the machine should be revised to eight years and the residual value decreased to $5,000 REQUIRED Record depreciation expense on the machine for the year ended December 31, 2017

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