On January 1, 2019, a firm purchased machinery for $26.500. Depreciation expense for the year ending December 31. 2019, given the straight-line method, a 4-year useful life, and a salvage value of $4,900, is Multiple Choice 53,675 $6,625 55,400 $4,900 On August 1, 2019, a firm purchased a 1-year insurance policy for $5,100 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2019, is Multiple Choice $1,700. $5,100 $2,975