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Question 1: In-The-Trenches Pty Ltd uses the Units-Of-Production method to depreciate assets. They bought Equipment for a cost of $200 000 on 1 July, 2014 with a 5 year life. The asset has an estimated residual value of $50 000 and a useful life of 25 000 hours. If the Equipment is used for 7 000 hours in year 1, what is the depreciation expense.
Option (a) $40 000
Option (b) $30 000
Option (c) $42 000
Option (d) $50 000
Option (e) $56 000
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