On January 1, Year 1, Diamond Brokers Company purchased a dlamond cutting machine with a total cost of $23,200. The company estimates that the machine will have a 20 -year useful life and a salvage value of $3,600. The company has elected to depreciate the machine using the straight-iline method. Required: -. Determine the annual amount of depreciation expense to be recognized on the machine each year? b. Determine the amount of accumulated depreciation at the end of Year 3