Ace Company purchased a machine valued at $312,000 on August 1. The equipment has an estimated useful life of five years or 2.5 milion units. The equipment is estimated to have a salvage value of $7,400. 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 O $60,920 $63.880 $62,400 $26,000 $25.383