Renewable Energies, Inc. (REI) paid $100,000 to purchase a windmill. The windmill was expected to have an 8 year useful life and a $20,000 salvage value. At the beginning of the fifth year of operation REI changed the estimated salvage value to $28,000. Based on this information, the amount of depreciation expense on the Year 5 income statement would be

$40,000

$44,000.

$48,000.

$60,000.