14. y 1,2018 Banks Co. purchased o machine for $500.000 wnich it intends to use monufacturing one specific product, with production On January t.2018 Banks Co. purchased o mechine for slated to begin October 1, 2018. The machine has n pattern of use, Banks elects the units Banks expects to income statement for the of production method for depreciating it. At December 31, 2018, octual production has been 7,000 units and for depreciating it more unts in later years What amount of depreciation expense should Banks report for the machine on ins year ending December 31, 20187 O $15,625 O $41607 O s62.500 O $29.167