Question 8 of 10 This quiz: 10 point(s) possible This question: 1 point(s) possible Submit quiz On August 31, 2023, Solar Energy Consulting purchased a copy machine for $44,500. Solar Energy Consulting expects the machine to last for five years and to have a residual value of $2,500. Compute depreciation expense on the machine for the year ended December 31, 2023, using the straight-line method. Begin by selecting the formula to calculate the company's depreciation expense on the machine for the year ended December 31, 2023. Then enter the amounts and calculate the depreciation expense. (Abbreviation used Acc. = accumulated. Do not round intermediary calculations. Only round the amount you input for straight-line depreciation to the nearest dollar) Straight-line + 12)- depreciation +12)