A machine was purchased for $164,875 on March 1. The company's fiscal year end is November 30. The machine has an estimated eight-year life and a $12,400 residual value. With an expected useful operating lifetime of 28,500 hours, the machine is operated for 5,560 hours during the first year. Using the units-of-production method, how much depreciation expense would be recognized during the first year of ownership. Select one: O a. $36,810 b. $20,609 c. $25,178 d. $32,854 e. $29.746