Q7

On July 31, 2024, Questor Applications purchased a copy machine for $53,500. Questor Applications expects the machine to last for five years and have a residual vitue of $2,500. Compute depreciation expense on the machine for the year ended December 31, 2024, using the straight-line method. Begin by selocting the formula to calculate the company's depreciation expense on the machine for the year ended December 31 . 2024 . Then enter the amounts and calculate the depreciation expense. (Do not round intermediary calculations. Only round the amount you input for straight-line depreciation to the nearest dollar.) \begin{tabular}{|c|c|c|c|c|c|} \hline ik & - & 1 & 11 & +12)= & \begin{tabular}{l} Straight-line \\ dopreciation \end{tabular} \\ \hline K & - & 1+ & 11 & +12= & \\ \hline \end{tabular} calculate the depreciation expense. (Do not round intermediary calculations. Only round the amount you input to