On January 1, Year 1, Grapefruit Corporation purchased a machine for $40,000,000. Grapefruit's management expects to use the machine for 34,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $48,000. The machine was used for 4400 hours in Year 1 and 5000 hours in Year 2. What is the depreciation expense for Year 1 if the corporation uses the units-of- production method of depreciation? $5,176,468 $5,170,264 $5,875,300 $13,333,333