Sheffield Company purchased factory equipment for $658800. Useful hours for the machine are estimated to be 182000. The estimated salvage value is $45000, and the estimated useful life is 8 years. The machine was used for 22000 hours in the first year. The straight-line method will be used for depreciation. What is depreciation expense for the first year if the asset was purchased on January 1? $71086 $74140 $82350 $76725