On January 1, 2015, Anodel Inc. acquired a machine for $1, 040,000. The estimated useful life of the asset is 5 years. Residual value at the end of 5 years is estimated to be $58,000. What is the book value of the machine at the end of 2016, if the company uses the straight - line method of depreciation? $589, 200 $623, 996 $624,000 $647, 200