Tory Amos Company purchased a new machine on October 1, 2001, at a cost of

$96,000. The company estimated that the machine has a salvage value of $12,000. The machine is expected to be used for 70,000 working hours during its 5-year life.

Instructions Compute the depreciation expense under the straight-line method for 2001 and 2002 assuming a December 31 year-end.