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A company paid $516,000 to purchase equipment and $16,600 to have the equipment delivered to...

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Accounting

A company paid $516,000 to purchase equipment and $16,600 to have the equipment delivered to and installed in the company's production facilities. The equipment is expected to be used a total of 29,600 hours throughout its estimated useful life of six years. The estimated residual value of the equipment is $6,600. The company began using the equipment on May 1,2021. The company has an October 31,2021 year-end. It used the equipment for a total of 12,800 hours between May 1 and October 31,2021. Using the units-of-production method, what amount of depreciation expense would the company report in the income statement prepared for the year-ended October 31,2021?
Multiple Choice
$113,730
$221,459
$227,459
$526,000
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