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What is closest to the amount of depreciation for the year

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Question - On January 1, Year 1, Milton Manufacturing Company purchased equipment with a list price of $35,000. A total of $3,600 was paid for installation and testing. During the first year, Milton paid $5,400 for insurance on the equipment and another $680 for routine maintenance and repairs. Milton uses the units-of-production method of depreciation. Useful life is estimated at 100,000 units, and estimated salvage value is $7,200.

Required - During Year 1, the equipment produced 14,000 units. What is closest to the amount of depreciation for the year?

Reference no: EM132668822

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