On May 1, 2020 Lira company purchased machinery under a contract that required a downpayment of	200,000.00
plus a monthly payment of	75,000.00	in 12 months each for total cash payment of	980,000
Cash equivalent price of machinery was	950,000
The machinery has an estimated useful life in years of	10	years and estimated residual value of	95,000
The entity uses straight-line depreciation
What amount should be reported as the depreciation of machinery for the current year?