Machinery was purchased for $480000. Freight charges amounted to $20000 and there was a cost of $30000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $55000 salvage value at the end of its 10-year useful life. Depreciation expense each year using the straight-line method will be O $43000. O $42500. O $53000 O $47500