QUESTION 11 Machinery was purchased for $60,000 on 1 July 2020 and was expected to have a 10 year useful life. At the time of purchase its residual value was $15,000. The machinery is depreciated using the diminishing balance method of depreciation at a rate of 15% per annum. Calculate depreciation expense for at the end of the first year of use: $9 000 $6 750 $4 500 $6 000