Santana Company purchased a machine on January 1, 2015, for $8,000 with an estimated residual value of $2,000 and an estimated useful life of 8 years. On January 1, 2017, Santana estimated that the machine will last 12 years from the date of purchase. The residual value is still estimated at $2,000. Using the straight-line method, the new annual depreciation will be a) $450. b) $500. c) $600. d) $667. Year Dep Amt | Dep Rate | Dep Exp Accum Dep Carrying Amt 8000 2015 2016 2017