Dexter Industries purchased packaging equipment on January 8 for $293,000. The equipment was expected to have a useful life of four years, or 6,400 operating hours, and a residual value of $24,200. The equipment was used for 2,240 hours during Year 1, 1,344 hours in Year 2, 1,792 hours in Year 3, and 1,024 hours in Year 4