T-Mitch calculates and records depreciation using the straight line method. A piece of machinery was purchased on January 1st and depreciation on this asset needs to be recorded on December 31st to ensure financial statements are accurate. Based on the following information, how much depreciation expense should be recognized on December 31st of Year 1? Machinery Purchase Price Freight and Delivery Costs Installation and Testing Costs 85,000 900 600 1000 9 Do NOT use dollar signs or commas in your answer. Salvage Value Useful Life in Years