$(4$ points$)$ Machinery purchased for $$800,000$ by Tom Brady Co$.$ in $2015$ was originally estimated

to have a life of $12$ years with a salvage value of $$20,000$ at the end of that time. Depreciation has

been recorded for $8$ years on this basis. In $2023,$ it is determined that the total estimated life should

be $16$ years with a salvage value of $$10,000$ at the end of that time. Assume straight$-$line

depreciation.

Instructions

$($a$)$ Determine the depreciation expense for $2023$