Question 3 On January 1, 2021, ABC Company purchased a piece of machinery for $80,000. The machine had an estimated useful life of 10 years and a $5,000 residual value. On January 1, 2025, ABC Company determined the life of the machine should be revised from 10 years to 20 years and the residual value adjusted to $1,000 at the end of the twenty years. Assume ABC Company depreciates its assets using the double declining balance method of depreciation. Calculate the amount of accumulated depreciation related to the machine that would appear in ABC's December 31, 2024 balance sheet