Green Vegetable Mfg. Co. purchased equipment on January 1, 2016, at a cost of $800,000. The equipment is expected to have a service life of ten years, or 40,000 hours, and a residual value of $70,000. During 2016, the equipment was operated for 5,000 hours, and during 2017, it was operated for 7,000 hours.
Required:
Fill in the blanks below with the depreciation expense to the nearest whole dollar) for this machine in 2016 and 2017 under each of the following depreciation methods:

Question

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The Answer of Green Vegetable Mfg. Co. purchased equipment on January 1, 2016, at a cost of $800,000. The equipment is expected to have a service life of ten years, or 40,000 hours, and a residual value of $70,000. During 2016, the equipment was operated for 5,000 hours, and during 2017, it was operated for 7,000 hours.
Required:
Fill in the blanks below with the depreciation expense to the nearest whole dollar) for this machine in 2016 and 2017 under each of the following depreciation methods: