On January 1, 2021, Musketeers Company acquired equipment for $400,000. The estimated life of the equipment is 5 years or 7,000 hours. The estimated residual value is $50,000. What is the depreciation expense for 2021, if Musketeers Company uses the asset 1,200 hours and uses the units-of-production method of depreciation? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.) $160,000 $68,568 $70,000 $60,000