Your Corporation, a calendar-year company, acquired a new machine on 1/1/2023. The cost of the machine is $560,000, and the machine has an estimated useful life of 8 years (or 800,000 units of product). The machine has an expected salvage value of $60,000. The machine produced 75,000 units of product in 2021. Calculate depreciation expense using units of production for 2023