Question: I need the correct answer to this general accounting problem using the standard accounting approach. Summit Innovations purchased a new machine on January 1, 2022,

I need the correct answer to this general accounting problem using the standard accounting approach.

Summit Innovations purchased a new machine on January 1, 2022, with the following details: Amount ($) Purchase Price 75,000 Shipping Costs 500 Install/Setup Costs 2,000 Salvage Value 7,000 Useful Life 10 years Using the straightline depreciation method, what is the depreciation expense for 2022

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