Proctor Papers purchased a machine on January 1, 2020 at a cost of $380,000 with an estimated residual value of $30,000 at the end of its estimated useful life of 8 years. On January 1, 2020 Proctor Paper estimates that the machine only has a remaining life of 5 years and a residual value of $20,000. Proctor Paper uses straight-line depreciation. Depreciation expense for 2022 would be

A - $48,500

B - $54,500

C - $57,000

D - $72,000