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Estimate the depreciation expense for the life of the asset

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Question - On April 22, 2020, Ivanhoe Enterprises purchased equipment for $134,400. The company expects to use the equipment for 11,500 working hours during its 4-year life and that it will have a residual value of $12,500. Ivanhoe has a December 31 year end and pro- rates depreciation to the nearest month. The actual machine usage was: 1,700 hours in 2020; 2,600 hours in 2021; 3,500 hours in 2022; 3,000 hours in 2023; and 900 hours in 2024. Estimate the depreciation expense for the life of the asset under straight-line method.

Reference no: EM133170203

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