Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $480,000 cost with an expected four-year life and a $20,000 salvage value. All sales are for cash, and all costs are out-of-pocket, except for depreciation on the new machine. Additional information includes the following. (FV of $1, PV_of $1, FVA of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) $1,840,000 Expected annual sales of new produot Expected annual costs of new product Direct materials Direct labor Overhead (excluding straight-line depreciation on new machine) Selling and administrative expenses Income taxes 480,000 672,000 336,000 160,000 Required: 1. Compute straight-line depreciation for each year of this new machine's life. Straight-line depreciation 115,000