please explain step to step how to solve for this problem. i would like steps to all the calchlation as well as why would we do this and that that way i can learn from it. thanj you

Show Attempt History X Your answer is incorrect. On September 19,2020, Coronado Industries purchased machinery for $480000. Salvage value was estimated to be $24000. The machinery will be depreciated over eight years using the sum-of-the-years' digits method. If depreciation is computed on the basis of the nearest full month Coronado should record depreciation expense for 2021 on this machinery of 598403 5103333 $76000 $98167