On

October 31,

2023,

Logan Services

purchased a copy machine for

$47,500.

Logan Services

expects the machine to last for

five

years and to have a residual value of

$2,500.

Compute depreciation expense on the machine for the year ended December 31,

2023,

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,

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 forstraight-line depreciation to the nearest dollar.)

									Straight-line
[(		-		)		] (		12 ) =	depreciation