$7.$ A company bought a new machine for $$30,000$ on $1$st Feb $2020.$ The machine is expected to last five years and has a residual value of $$5,000.$ If the company uses the straight$-$line method, for depreciation what is the depreciation expense reported in the Income Statement for the year ended December $31$st$,2020?$

A$.4,583$

B$.5,000$

C$.25,000$

D$.$ None of the above.