Brief Exercise 8-2 (Algo) Depreciation expense and accumulated depreciation using the straight-line method LO 8-2 On January 1, Year 1, Diamond Brokers Company purchased a diamond cutting machine with a total cost of $23,400. The company estimates that the machine will have a 20 -year useful life and a salvage value of $3,700. The company has elected to depreciate the machine using the straight-line method. Required: a. Determine the annual amount of depreciation expense to be recognized on the machine each year? b. Determine the amount of accumulated depreciation at the end of Year 3
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