Financial statement classification Wayside Machine Tool Company purchased a $660,000 welding machine to use in production of large machine tools and robots. The welding machine was expected to have a life of 10 years and a salvage value at time of disposition of $66,000. The company uses straight-line depreciation. During its first operating year, the machine produced 660 product units, of which 528 were sold. a. What part of the $660,000 machine cost expired? $ 59400 b. Where would each of the amounts related to this machine appear on the financial statements at the end of the first year of operations? Account Financial Statement Amount Balance sheet $ 528 Cost of goods sold Finished good inventory Balance sheet