The C company purchased a equipment on May 1, 2017 for $656,098. At the time of purchase, management determined that the equipment would have a useful life of 9 years and that the residual value would be $56,120. During the equipment's life it is expected to make 500,000 buckets of ice cream. During the first 3 years, the machine produced the following amounts of ice cream: 2017: 50,000 buckets 2018: 81,417 buckets 2019: 74,000 buckets The company uses the units of production method for calculating depreciation and only records adjusting entries at year end, December 31. Required: What is the amount of the depreciation recorded on December 31, 2018?