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On 1/1/21 Fairbanks and Elledge, Inc. purchased machinery for $140,000. The company estimates total machine life of 50,000 hours and a residual value of $20,000.

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On 1/1/21 Fairbanks and Elledge, Inc. purchased machinery for $140,000. The company estimates total machine life of 50,000 hours and a residual value of $20,000. During 2021, the company uses the machine for 8,000 hours. How much depreciation expense will Fairbanks and Elledge record during 2021 based on the Units of Production method

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