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On January 1, 2017, Zade Manufacturing Corporation purchased a machine for $40,100,000. Zade's management expects to use the machine for 24,000 hours over the next
On January 1, 2017, Zade Manufacturing Corporation purchased a machine for $40,100,000. Zade's management expects to use the machine for 24,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $42,000. The machine was used for 4,000 hours in 2017 and 5,500 hours in 2018. What is the depreciation expense for 2017 if the corporation uses the units of production method of depreciation? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
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