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Concord Company purchased factory equipment for $653000. The machine's estimated useful in hours is 179000 hours. The estimated salvage value is $53000 and the estimated useful life in years is 8 . The machine was used for 9000 hours in the first year. The activity method will be used for depreciation. What is depreciation expense in the first year of this asset if it was purchased on September 1 ? (Round per hour calculation to 2 decimal ploces, es. 12.50 and final answer to 0 decimal places, es. 1.525. $25000$31925$27208$30150