On January 1, 2019, Woodstock, Inc. purchased a machine costing $40,000. Woodstock also paid $1,000 for transportation and installation. The expected useful life of the machine is 6 years and the residual value is $5,000. If Woodstock uses the straight-line depreciation method, which of the following statements is incorrect? Multiple Choice The annual depreciation expense is $6,000. The December 31, 2019 book value is $35,000. 0 The December 31, 2021 accumulated depreciation balance is $18,000. The December 31, 2020 book value is $24,000. O