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Item 1

On January 1, 2024, Canseco Plumbing Fixtures purchased equipment for $62,000. Residual value at the end of an estimated four-year service life is expected to be $6,000. The company expects the equipment to operate for 10,000 hours. The equipment operated for 3,800 and 4,600 hours in 2024 and 2025, respectively.

Required:

Calculate depreciation expense for 2024 and 2025 using units-of-production using hours operated.

Select formula for Units of Production Depreciation:
(Cost - Residual) / Hours
Calculate 2024 depreciation expense:
Depreciation per hour	$
Operating hours in 2024	3800
Depreciation in 2024	$
Calculate 2025 depreciation expense:
Depreciation per hour	$
Operating hours in 2025	4600
Depreciation in 2025	$