Ace Company purchased a machine valued at $311,000 on August 1. The equipment has an estimated useful life of seven years or 2.5 million units. The equipment is estimated to have a salvage value of $7,300. Assuming the straight-line method of depreciation, what is the amount of depreciation expense that needs to be recorded at the end of the first year?

Multiple Choice

$44,429

$18,512

$43,386

$18,077

$45,471