On January 1, 2019, Woodstock, Inc. purchased a machine costing $35,100. Woodstock also paid $1,100 for transportation and installation. The expected useful life of the machine is 5 years and the residual value is $5,200. How much is the annual depreciation expense, assuming use of the straight-line depreciation method? Multiple Choice $6,200 O $7020 $4983 57,240