Concord Company purchased a new machine on October 1, 2022, at a cost of $114,800. The company estimated that the machine will have a salvage value of $14,800. The machine is expected to be used for 10,000 working hours during its 4-year life. (a) Your answer is correct. Compute the depreciation expense under straight-line method for 2022. Depreciation expense A 2022 6250 Your Answer Correct Answer (Used) Your answer is incorrect. Compute the depreciation for each year. Depreciation 2022 12561.16 A 2023 7543.68