Ace Company purchased a machine valued at $320,000 on August 1.The equipment has an estimated useful life of five years or 2.5 million units.The equipment is estimated to have a salvage value of $8,200.Assuming the straight-line method of depreciation,what is the amount of depreciation expense that needs to be recorded at the end of the first year?
A) $64,000
B)$76,800
C)$62,360
D)$25,983
E)$106,667

Question

Ace Company purchased a machine valued at $320,000 on August 1.The equipment has an estimated useful life of five years or 2.5 million units.The equipment is estimated to have a salvage value of $8,200.Assuming the straight-line method of depreciation,what is the amount of depreciation expense that needs to be recorded at the end of the first year? 
A) $64,000
B)$76,800
C)$62,360
D)$25,983
E)$106,667

Quizplus · Accepted Answer

The Answer of Ace Company purchased a machine valued at $320,000 on August 1.The equipment has an estimated useful life of five years or 2.5 million units.The equipment is estimated to have a salvage value of $8,200.Assuming the straight-line method of depreciation,what is the amount of depreciation expense that needs to be recorded at the end of the first year? 
A) $64,000
B)$76,800
C)$62,360
D)$25,983
E)$106,667

Ace Company Purchased a Machine Valued at $320,000 on August