Proctor Papers Purchased a Machine on January 1,2020 at a Cost

Multiple Choice

Proctor Papers purchased a machine on January 1,2020 at a cost of $380,000 with an estimated residual value of $30,000 at the end of its estimated useful life of 8 years.On January 1,2022 Proctor Paper estimates that the machine only has a remaining life of 5 years and a residual value of $20,000.Proctor Paper uses straight-line depreciation.Depreciation expense for 2022 would be

A) $48,500.
B) $54,500.
C) $57,000.
D) $72,000.