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, 2016. The company has an October 31, 2016 year-end. It used the equipment for a total of 12,800 hours between May 1 and October 31, 2016. 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, 2016? $221,459 $227,459 O $113,730 $526,000