ABC Company purchases a new machine for $50,000 on June 1. They expect to use the machine for 5 years. The salvage or residual value is $2,500. What is the amount of depreciation ABC Company will record on December 31st if the company uses the straight-line depreciation method and has not recorded depreciation since the purchase on June 1.

a) Straight Line Depreciation at Dec 31st (Rounded to nearest whole dollar) $