2. A machine was purchased on January 3, 2011 for $54,800. Freight and installation costs for the machine were $2,500. The machine is depreciated using the straight-line method and had an estimated useful life of 10 years and an $1,000 salvage value. On January 4, 2017, it was determined that the machine would have a remaining life of 4 years and that the salvage value would only be $500. Record depreciation for the year ended December 31, 2017. Date Account Debit Credit Year Rate Book Value Depreciation Expense Accumulated Depreciation Calculation Original Cost