(11) Use the information below to answer Questions 10 – 13. A business purchased a machine that had a total cost of $220,000 and a residual value of $20,000. The asset is expected to service the business for a period of 10 years or produce a total of 1,000,000 units. The machine was purchased January 1st of the current year and has been in service one complete year.   Using the straight-line method, what is the amount of depreciation expense in year two of the asset’s life?