Attempt in Progress Pharoah Machines reported the following information about two of its machines as of December 31, 2023, Machine Date Acquired Cost Useful Life (in years) Salvage Value #1 Jan. 1, 2014 $896,000 20 $44,800 #2 July 1, 2023 134,400 5 5,600 (a) Your answer is correct. Calculate the annual depreciation for each asset using the straight-line method. Angual denceciation $ Machine 1 42560 Machine 2 05070