On January 1. Year 1, Diamond Brokers Company purchased a diamond cutting machine with a total cost of $21,400. The company estimates that the machine will have a 20-year useful life and a salvage value of $2.700. The company has elected to depreciate the machine using the straight-line method. Required: o. Determine the annual amount of depreclation expense to be recognized on the machine each year? b. Determine the amount of accumulated depreciation at the end of Year 3