Johnny Co. purchased a machine for $85,000 on October 1 of Year 1. Also associated with this purchase on October 1 of Year 1 were $8,500 in sales taxes and $1,000 in installation costs. Johnny Co. paid $500 to have the machine insured while it was being shipped, and then another $2,500 to insure it over the next 4 years (in case an employee is accidentally flattened during use). The machine has an estimated useful life of 5 years and an estimated salvage value of $1,000. Johnny Co. uses the straight-line method for computing depreciation expense.

What is the amount of depreciation expense for the machine for Year 1? Write the dollar amount of your answer.