2. Assume you work for a company as an accountant and you have been asked to calculate the depreciation expense for each year of a new machine that your company purchased on May 1, 2021, at a cost of $ 480,000. You have estimated that the machine will have a salvage value of $15,000. The machine is expected to be used for 27,800 working hours during its 5-year life. a) Prepare the depreciation schedule for each year of the useful life under straight line method