on july 1, year 7, x company purchased a machine by paying a $20,000 down payment and signing a noninterest bearing note for $360,000, calling for payments of $6,000 per month for the next 5 years. x also paid an additional $10,000 for delivery and installation. the equipment could have been purchased for $310,000 on the date of acquisition. the equipment has a 10 year useful life with no salvage value and will be depreciated on a straight-line basis. what will be the amount of depreciation recognized in year 8? multiple choice