On February 28, 2023, Meggie Services purchased a copy machine for $28,500. Meggie Services expects the machine to last for three years and to have a residual value of $1,500. Compute depreciation expense on the machine for the year ended December 31, 2023, using the straight-line method.

On February 28,2023 , Meggie Services purchased a copy machine for $28,500. Meggie Services expects the machine to last for three years and to have a residual value of $1,500. Compute depreciation expense on the machine for the year ended December 31,2023 , using the straight-line method. Begin by selecting the formula to calculate the company's depreciation expense on the machine for the year ended December 31,2023 . Then enter the amounts and calculate the depreciation expense. (Abbreviation used: Acc. = accumulated. Do not round intermediary calculations. Only round the amount you input for straight-line depreciation to the nearest dollar.)