Rogers Company Purchased a Tooling Machine on January 3, 2008

Multiple Choice

Rogers Company purchased a tooling machine on January 3, 2008 for $700,000. The machine was being depreciated on the straight-line method over an estimated useful life of 10 years, with no salvage value. At the beginning of 2015, the company paid $175,000 to overhaul the machine. As a result of this improvement, the company estimated that the useful life of the machine would be extended an additional 5 years (15 years total) . What should be the depreciation expense recorded for the machine in 2015?

A) $48,125
B) $58,333
C) $70,000
D) $77,000