On January 1, 2024, Tyson Manufacturing Company purchased a machine for $40,100,000. Tyson's management expects to use the machine for 28,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $44,000. The machine was used for 4,200 hours in 2024 and 5,300 hours in 2025. What is the depreciation expense for 2024 if the company uses the units-of-production method of depreciation? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O $6,008,394 O $13,366,667 $7.582 021
On January 1, 2024, Tyson Manufacturing Company purchased a machine for $40,100,000. Tyson's management expects to use the machine for 28,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $44,000. The machine was used for 4,200 hours in 2024 and 5,300 hours in 2025. What is the depreciation expense for 2024 if the company uses the units-of-production method of depreciation? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) O $6,008,394 O $13,366,667 $7.582 021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On January 1, 2024, Tyson Manufacturing Company purchased a machine for $40,100,000. Tyson's management expects to use the machine for 28,000 hours
over the next six years. The estimated residual value of the machine at the end of the sixth year is $44,000. The machine was used for 4,200 hours in 2024 and
5,300 hours in 2025. What is the depreciation expense for 2024 if the company uses the units-of-production method of depreciation? (Round any intermediate
calculations to two decimal places, and your final answer to the nearest dollar.)
$6,008,394
$13,366,667
$7,582,021
$6,014,988
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