urses/434029/quizzes/3584789/take useful life. Question 6 5 pts 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 Salvage Value Useful Life in Years 250,000 1000 700 1500 12 Do NOT use dollar signs or commas in your