8 Question 34 15 Not yet answered Engels Company purchased a depreciable asset for $600,000. The estimated residual value is $30,000, and the estimated useful life is 10,000 hours. Engels used the asset for 1,100 hours in the current year. The activity method will be used for depreciation. What is the depreciation expense on this asset? 22 Marked out of 1.00 29 P Flag question 36 Select one: a. $66,000 b. $62,700 C. $570,000 d. $57,000 Finish Time DEO Next page Question 35 Which of the following is not a condition that must be satisfied before interest capitalization can begin on a qualifying asset? Not yet answered Marked out of 1.00 Select one: a. The interest rate is equal to or greater than the company's cost of capital. b. Interest cost is being incurred. O C. Expenditures for the assets have been made. d. Activities that are necessary to get the asset ready for its intended use are in progress. Flag