Your answer needs to be submitted in the following format and your answer needs to be spelled out...no abbreviations: Your answer - For example- The annual Straight-line depreciation is $1,000 BONUS QUESTIONS FOR TEST #4 - THE QUESTION IS WORTH 5 POINTS: Machinery acquired at the beginning of the year at a cost of $470,000 has an estimated residual value of $62,000 and an estimated useful life of five years. Determine the annual straight line depreciation amount