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Question - Annie Lennox Company purchased a machine on January 1, 2004, for $3,600,000. At the date of acquisition, the machine had an estimated useful life of six years with no salvage. The machine is being depreciated on a straight-line basis. On January 1, 2007, Annie Lennox determined, as a result of additional information, that the machine had an estimated useful life of eight years from the date of acquisition with no salvage. An accounting change was made to reflect this additional information. What amount of depreciation expense should be reported in Annie Lennox's income statement for the year ended December 31, 2007?
a. $600,000
b. $450,000
c. $360,000
d. $225,000
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