Question: A factory machine was purchased for $ 3 8 0 0 0 0 on January 1 , 2 0 2 1 . It was estimated

 A factory machine was purchased for $380000 on January 1,2021. It
A factory machine was purchased for $380000 on January 1,2021. It was estimated that it would have a $70000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 37000 hours in the 5 years. The company ran the machine for 3700 actual hours in 2021. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2021 would be
$62000.
$38000.
$31000.
$70000.
was estimated that it would have a $70000 salvage value at the

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