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On September 30, Milan Services purchased a copy machine for the amount of $35,600.

Milan Services expects the machine to last for 7 years and have a residual value of $2,300.

Compute depreciation expense on the machine for the year ended December 31, 2020, using the straight-line method.

Straight-line Method = (Cost-Residual Value)/Time

Straight-line Method = ($ `-` $ ) `/` ()

Depreciation amount = $