Question 38 (5 points) On July 1. Stevens Company acquired a machine at a cost of S210,000 that has a depreciable cost of S160,000 and an estimated useful life of 5-years or 70,000 hours. Using straight-line depreciation, calculate depreciation expense for the first year, which ends on December 31. $30,000 $35,000 17,500 $16,000