On January 1, 2016, Woodstock, Inc. purchased a machine costing $42,000. Woodstock also paid $2,000 for transportation and installation. The expected useful life of the machine is 4 years and the residual value is $6,000. If Woodstock uses the straight-line depreciation method, which of the following statements is incorrect? The annual depreciation expense is $9, 500. The December 31, 2018 accumulated depreciation balance was $28, 500. The December 31, 2016 book value was $34, 500. The December 31, 2017 book value was $19,000