A company purchased a weaving machine for $437,000. The machine has a useful life of 8 years and a salvage value of $19,000. It is estimated that the machine could produce 95,000 bolts of woven fabric over its useful life. In the first year, 19,000 bolts were produced. Using the units-of-production method, what is the amount of depreciation expense that should be recorded for the first year?

$54,625

$83,600

$72,833

$52,250

$87,400