(Financial statement classification) Wayside Machine Tool Company purchased a $

(Financial statement classification) Wayside Machine Tool Company purchased a $600000 welding machine to use in production of large machine tools and robots. The welding machine was expected to have a life of 10 years and a salvage value at time of disposition of $60000. The company uses straight-line depreciation. During its first operating year the machine produced 600 machines of which 480 were sold. a. What part of the $600000 machine cost expired? b. Where would each of the amounts related to this machine appear on the financial statements at the end of the first year of operations?