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The Charlotte Company acquired a machine on July 1, 2015 for $250,000. They started using...

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The Charlotte Company acquired a machine on July 1, 2015 for $250,000. They started using the machine on that date. They assigned a useful life of eight (8) years and a salvage value of $10,000. They use straight-line deprecation. On January 1, 2018, they spent $8,875 on the machine, increasing its productivity by 4%. On this date, they also increased the salvage value by $2.000. Calculate the depreciation expense on the machine for the year ended December 31, 2018

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