On October 31, 2015, Pete's Print Shop purchased a copy machine for $27,600. Pete's Print Shop expects the machine to last for three years and to have a residual value of $1,500. Compute depreciation expense on the machine for the year ended December 31, 2015, using the straight-line method. Begin by selecting the formula to calculate the company's depreciation expense on the machine for the year ended December 31, 2015. Then enter the amounts and calculate the depreciation expense. )/ ]x ( Straight-line /12)= depreciation