Question 6 of 33 - 71 MIT View Policies Current Attempt in Progress Machinery was purchased for $480000. Freight charges amounted to $13000 and there was a cost of $36000 for building a foundation and installing the machinery. It is estimated that the machinery will have a $55000 salvage value at the end of its 8-year useful life. Depreciation expense each year using the straight-line method will be $59250. $66125. $53875. O $53125