ABC Co. purchased a machine on January 1, 2021, for $1,500,000. Using the table below, calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 50,000 hours with a residual value of $150,000). During the machine's life it was used 15,000; 14,000; 10,000; 9,000; and 6,000 hours. 20 Year Straight Line Units of Production Double Declining Balance 2021 2022 2023 2024 2025