caraway ltd bought production machinery for $240,00. The estimated residual value is 60,000 and the estimated useful life is 5 years or 30,000 hours. During the first year, the machine was used 7,500 hours and in the 2nd year was 8,000. What is the depreciation expense for the first year if Caraway ltd uses the diminishing balance method and a depreciation rate of 20%.