Equipment with a cost of $220,000 has an estimated residual value of $30,000 and an estimated life of 10 years or 19,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used for 2,100 hours?

a.$30,000

b.$21,000

c.$19,000

d.$22,000

Principles of Acct I

What is the answer and how did you solve it? Thank you

2,100