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Layton Company purchased tool sharpening equipment on October 1 for $46,710. The equipment was expected to have a useful life of three years or 4,320 operating hours, and a residual value of $1,350. The equipment was used for 800 hours during Year 1, 1,500 hours in Year 2, 1,300 hours in Year 3, and 720 hours in Year 4.
Required:
Problem 1: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4
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