On January 1, Year 1, Diamond Brokers Company purchased a diamond cutting machine with a total cost of $23,000. The company estimates that the machine will have a 20-year useful life and a salvage value of $3,500. The company has elected to depreciate the machine using the straight-line method. Required: a. 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