On May 1, Crane Company purchased factory equipment for $763600. The asset's useful life in hours is estimated to be 197000. The estimated salvage value is $49000 and the estimated useful life in years is 9. The machine was used for 26000 hours in the first year. If the straight-line method will be used, what is depreciation expense for the first year of the asset's life? O $94380 O $56562 O $52933 O $79400

On May 1, Crane Company purchased factory equipment for $763600. The asset's useful life in hours is estimated to be 197000. The estimated salvage value is $49000 and the estimated useful life in years is 9. The machine was used for 26000 hours in the first year. If the straight-line method will be used, what is depreciation expense for the first year of the asset's life? O $94380 O $56562 O $52933 O $79400

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Description: On May 1, Crane Company purchased factory equipment for $763600. The asset's useful life in hours is estimated to be197000. The estimated salvage value is $49000 and the estimated useful life in years is 9. The machine was used for26000 hours in the

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 6CE

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