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Use the following data for the questions <37 39>. On July 1, 20x1, XYZ company acquired equipment for $350,000. The estimated life of the equipment

Use the following data for the questions <37 39>.

On July 1, 20x1, XYZ company acquired equipment for $350,000. The estimated life of the equipment is 10 years or 17,000 hours. The estimated residual value is $10,000. During 20x1, the equipment was used 2,000 hours.

. What is the depreciation expense during 20x1 if the company used the UOP method? Round to the nearest dollar.

A. $20,000

B. $20,588

C. $40,000

C. $41,176

Your answer (A, B, C, or D)

Show your calculation in detail.

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