Quigley Co. bought a machine on January 1,203 for $2,800,000. It had a $200,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date for the cost of the machine. Quigley uses straight-line depreciation. This was discovered in 20X5. Ignore income taxes. Calculate the amount of depreciation expense to be reported in the 205 income statement. SHOW YOUR WORK