Elliott Corp paid $670,000 to purchase equipment and $20,000 to have the equipment delivered to and installed in Elliott Corp's production facilities. Commercial use of the equipment began on May 1, 2018. The estimated residual value of the equipment is $5,000. The equipment is expected to be used a total of 32,000 hours throughout its estimated useful life of 7 years. Elliott Corp's fiscal year ended on October 31, 2018, and they had used the equipment a total of 2,286 hours prior to the year-end. Using the units- of production method, what amount of depreciation expense would Elliott Corp report for this equipment in the income statement prepared for the year-ended October 31, 2018? (Do not round your depreciation expense per unit!) Depreciation Expense