7. A machine with a cost of $880,000 has an estimated salvage value of $20,000 and an estimated useful life of 25,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the first year, during which the machine was used 7,000 hours M (10 Points) 240,800 246,400 280,000 240,460