Weston Company Purchased a Tooling Machine on January 3, 2001

Weston Company purchased a tooling machine on January 3, 2001 for $500,000. 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 2008, the company paid $125,000 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 2008?

A) $34,375
B) $41,667
C) $50,000
D) $55,000