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ABC Company purchased a machine on January 1, 2011, for $300,000. At the time of purchase, the machine was estimated to have a life of 8 years and a…

ABC Company purchased a machine on January 1, 2011, for $300,000. At the time of purchase, the machine was estimated to have a life of 8 years and a residual value of $10,000. In 2015, The company determined that the machine had a total useful life of 10 years (another 6 years left) and a residual value of $20,000. If ABC uses the straight-line method of depreciation, what will be the depreciation expense for the machine in 2015?

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a. $36,250

b. $46,667

c. $22,500

d. $25,833

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