Effective January $1,2024,$ the company changed the salvage value used in calculating depreciation for its office building. The building cost $$614,000$ on December $29,2013,$ and has been depreciated on a straight$-$line basis assuming a useful life of $40$ years and a salvage value of $$110,000.$ Declining real estate values in the area indicate that the salvage value will be no more than $$27,500.$