On February 28,2017, Concord Pet Care Clinic purchased a copy machine for $27,600. Concord Pet Care Clinic 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, 2017, 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, 2017. Then enter the amounts and calculate the depreciation expense. Abbreviation used: Acc = accumulated. Do not round intermediary calculations. Only round the amount you n depreciation to the nearest dollar.) Straight-line Useful LifeIx( Number of Months2) depreciation 10 1 1x ( Cost Residual Value 7 12)