Williams Company purchased a machine costing $47.000 and is depreciating it over a 10-year estimated useful life with a residual value of $5,000. At the beginning of the eighth year, major overhaul on it was completed at a cost of $10,000, 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 $4,520. $10,000