Sunland Company purchased factory equipment for $648000. Useful hours for the machine are estimated to be 179000. The estimated salvage value is $50000, and the estimated useful life is 8 years. The machine was used for 19000 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?

• $74750.
• $63460

O $69862

• $81000