Williams Company purchased a machine costing $43,700 and is depreciating it over a 10-year estimated useful life with a residual value of $4,700. At the beginning of the eighth year, a major overhaul on it was completed at a cost of $9,700, and the total estimated useful life was changed to 12 years with the residual value unchanged. How much is the year 8 depreciation expense assuming use of the straight- line depreciation method? Multiple Choice $5,840. $9,700. $3,900. $4,280