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A construction company purchased a piece of equipment for $1470. The expected life is 8000 hours, after which it will have a salvage value of

A construction company purchased a piece of equipment for $1470. The expected life is 8000 hours, after which it will have a salvage value of $310. Find the amount of depreciation for the first year if the piece of equipment was used for 2000 hours. Use the units-of-production method of depreciation.

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