I have the answer and question below but I just needf to know how to work it out Solve the problem. Round unit depreciation to nearest cent when making the schedule, and round final results to the nearest cent. A construction company purchased a piece of equipment for $1,710.  The expected life is 7,000 hours, after which it will have a salvage value of $280.  Find the amount of depreciation for the first year if the piece of equipment was used for 1,600 hours. Use the units-of-production method of depreciation.   Answer:   ($320)

Can I please get some help and a explaination of how on this question?(5.10)   Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the machine. Onslow paid an additional $2,000 on January 4 to secure the machine for operation. The machine will be used for six years and have a $28,800 salvage value. Straight-line depreciation is used. On December 31, at the end of its fifth year in operations, it is disposed of.\\     Record the first year year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits.         Date General Journal Debit Credit December 31                                                   Record the year of disposal year-end adjusting entry for the depreciation expense of the used machine. Note: Enter debits before credits.         Date General Journal Debit Credit…

Hansaben

Hello, please help me find the cost of the item being depreciated and explain how you found the answer. Thank you!