Tim's Company has recently purchased a new machine. The machine has a cost of $840,000 and an estimated residual value of $40,000. Tim's decided to use the units of production method for recording depreciation and has estimated that the machine can produce four million units over its entire life. During the month of May, the machine is used to make 680,000 units. Calculate depreciation expense for the month of May using the units of production method Multiple Choice