Gray, Inc., a firm that makes oversized shirts, purchased a machine for its factory. The following data relate to the machine: $46,000 $350 $650 May 1. 2017 Price Delivery charges Installation charges Date purchased Estimated useful life: In years In hours of production Residual value 10 years 25,000 hours of operating time $2,000 During 2017, the machine was used 1,800 hours. During 2018, the machine was used 2,900 hours. Required: Determine the depreciation expense and the year-end carrying amount (book value) for the machine for the years 2017 and 2018, assuming that: 1. The straight-line method is used. 2. The units-of-production method is used. 3. If you were Gray, which depreciation method would you use in order to report the highest profits