On January 1, Year 1, an entity that uses IFRS acquired machinery with a cost of $510,000 and an estimated life of 12 years. The cost of the machinery included the $24,000 cost of a component that must be replaced every 3 years and an initial inspection fee of $6,000. The machinery must be re-inspected every 6 years at an additional cost of $6,000 per inspection. The entity uses straight-line depreciation. What is depreciation expense for the year ended December 31, Year 1?