On July 31, 2023, Lexington Landscaping purchased a copy machine for $ 26 comma 700. Lexington Landscaping expects the machine to last for three years and to have a residual value of $ 1 comma 500. Compute depreciation expense on the machine for the year ended December 31, 2023, using the straight-line method. Question content area bottom Part 1 Begin by selecting the formula to calculate the company's depreciation expense on the machine for the year ended December 31, 2023. Then enter the amounts and calculate the depreciation expense. (Abbreviation used: Acc. = accumulated. Do not round intermediary calculations. Only round the amount you input for straight-line depreciation to the nearest dollar.) Straight-line [( - ) ] ( 12 ) = depreciation