Garcia Company uses the units-of-activity method of depreciation and issues financial statements every December 31. On January 1, 2019, the company purchased equipment for $60,000. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would run 40,000 hours during the five-year useful life. If the machine was used 4,000 hours in 2019, what amount of depreciation expense should Garcia Company record at December 31, 2019? $4,800 $6,000 $9,600 $12,000 20 45 Keffer Company acquires land for $57,000 cash. Additional costs are as follows. Removal of shed $ 300 Filling and grading 1,500 Salvage value of lumber of shed 200 Broker commission 1,000 Paving of parking lot 10,000 Closing costs 400 Keffer will record the acquisition cost of the land as $70,000 $59,900. $58,400 $60,000