In 2013, internal auditors discovered that Fay, Inc. had debited an expense account for the $5,520,000 cost of a machine purchased on January 1, 2010. The machine's useful life was expected to be 23 years with no residual value. Straight-line depreciation is used by Fay. The journal entry to correct the error will include a credit to accumulated depreciation of:
a. $720,000
b. $5,520,000
c. $480,000
d. $240,000