Machinery was purchased for $480000. Freight charges amounted to $14000 and there was a cost of $38000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $45000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be O $106400 O $85600 O $87000. O $97400