Company bough a production machinary for $ 240,000. The estimated residual value is 60,000 and the estimateed useful life is 5 years or 30,000 hours. During the first year the machine was used 7,500 hours andcin the second year was 8,000. What is the depreciation expense fir the first year, if the company uses the disminishing-balance method and a depreciation rate of 20%?