6)XYZ Company buys a machine for $280,000 on lanuary 1, 2017 and spends $10,000 to transport the machine to the factory and an additional $10,000 to install the machine. The machine has an estimated useful life of seven years and is expected to be sold for $20,000 at the end of its useful life (salvage value = $20,000). What is the depreciation expense per year? Show calculations