Question: Help please. Caley Corporation purchased a machine on July 1, 2016 for $750,000. The machine was estimated to have a useful life of 10 years

Help please.

Caley Corporation purchased a machine on July 1, 2016 for $750,000. The machine was estimated to have a useful life of 10 years and a salvage value of $30,000. Caley depreciates the machine using the straight-line method. On January 1, 2020, management revised its estimate of the machine's useful life and determined that it would have a remaining useful life of four additional years (until December 31, 2023). Caley did not change the estimated salvage value. Using this revised estimate, what would be the amount of depreciation expense in 2020?

Select one:

a. $117,000

b. $115,500

c. $108,000

d. $124,500

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