Utica Machinery Company purchases an asset for $1,200,000 After the machine has been used for 25,000 hours,

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Question:

Utica Machinery Company purchases an asset for $1,200,000 After the machine has been used for 25,000 hours, the company expects to sell the asset for $150,000 In Year 1, Utica Machinery Company uses the asset for 7,500 hours Required Prepare the journal entry to record the depreciation