QUESTION 46 Lotus Corp. purchased equipment for $664,000 on December 1. It is estimated that annual depreciation on the equipment will be $108,000. Calculate the monthly depreciation. (Please note that answers should be rounded to the nearest dollar amount, i.e $1,666.67 should be entered as 1,667)

Lotus Corp. purchased equipment for $664,000 on December 1 . It is estimated that annual depreciation on the equipment will be $108,000. Calculate the monthly depreciation. (Please note that answers should be rounded to the nearest dollar amount, i. $1.666.67 should be entered as 1.667)