Page 3 23) - (10 Points): A new machine costing $1,800,000 cash and estimated to have a $60,000 salvage value was purchased on January 1. The machine is expected to produce 600,000 units of product during its 8- year useful life. Calculate the depreciation expense in the first year under the following independent situations: 1. The company uses the units-of-production method and the machine produces 70,000 units of product during its first year. 2. The company uses the double-declining-balance method. 3. The company uses the straight-line method