Part B On 15th June 2020, Nordic Company purchased a machine for $1,000,000, fully paid in cash. The machine was expected to be used for 8 years, or 400,000 machine hours. The residual value was expected to be $200,000. The company estimated 30,000 and 70,000 machine hours would be used in 2020 and 2021 respectively. The financial year-end date is 31 December and the company adjusts its accounts monthly. Half-year convention is adopted at the year of purchase. Required: Calculate the depreciation expenses in 2020 and 2021 by using (1) straight line depreciation method and (ii) unit-of-production method (8 marks)