P7. Depreciation Expense Calculation and Revising of Depreciation Expense: A(2pts). ABC company purchased factory equipment on January 1, 2020, for $130,000. It is estimated that the equipment will have a $10,000 salvage value at the end of its 5-year useful life. Please find the first-year depreciation expense using the straight-line and double declining balance method of depreciation, the amount to be recorded as depreciation expense at December 31, 2020 is $ Straight Line Double Declining Banance S B(Ipt). Change of Estimates for Depreciation Expense: After 3 years later during the year 2023, the company found some estimate change on the above factory equipment purchased on January 1, 2020. It is estimated that the equipment will have a $0 salvage value but will have 8-year total useful life. What will the revised depreciation expense for the year 2023 recorded at December 31, 2023, under the straight ling method? ($ )