On July 1, 20X3, X Company purchased a machine by paying a $20,000 down payment and signing a noninterest bearing note for $360,000, calling for payments of $6,000 per month for the next 5 years.X also paid an additional $10,000 for delivery and installation.The equipment could have been purchased for $310,000 on the date of acquisition.The equipment has a 10 year useful life with no salvage value and will be depreciated on a straight-line basis.What will be the amount of depreciation recognized in 20X4?