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Sunland Company purchased factory equipment for $634000. The machine's estimated useful in hours is 173000 hours. The estimated salvage value is $59000 and the estimated useful life in years is 8. The machine was used for 13000 hours in the first year. The activity method will be used for depreciation. What is depreciation expense in the first year of this asset if it was purchased on September 1? (Round per hour calculation to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,525.) $31658 $23958 $43160 $26417

Sunland Company purchased factory equipment for $634000. The machine's estimated useful in hours is 173000 hours. The estimated salvage value is $59000 and the estimated useful life in years is 8. The machine was used for 13000 hours in the first year. The activity method will be used for depreciation. What is depreciation expense in the first year of this asset if it was purchased on September 1? (Round per hour calculation to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,525.) $31658 $23958 $43160 $26417

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress Sunland Company purchased factory equipment for $634000. The machine's estimated useful in hours is 173000 hours. The estimated salvage value is $59000 and the estimated useful life in years is 8. The machine was used for 13000 hours in the first year.. The activity method will be used for depreciation. What is depreciation expense in the first year of this asset if it was purchased on September 1? (Round per hour calculation to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,525.) O $31658 $23958 $43160 O $26417 eTextbook and Media
Transcribed Image Text:Current Attempt in Progress Sunland Company purchased factory equipment for $634000. The machine's estimated useful in hours is 173000 hours. The estimated salvage value is $59000 and the estimated useful life in years is 8. The machine was used for 13000 hours in the first year.. The activity method will be used for depreciation. What is depreciation expense in the first year of this asset if it was purchased on September 1? (Round per hour calculation to 2 decimal places, e.g. 12.50 and final answer to 0 decimal places, e.g. 1,525.) O $31658 $23958 $43160 O $26417 eTextbook and Media
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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