T$-$Mitch calculates and records depreciation using the straight line method. A piece of machinery was purchased on January $1$st and depreciation on this asset needs to be recorded on December $31$ st to ensure financial statements are accurate. Based on the following information, how much depreciation expense should be recognized on December $31$st of Year $1?$ Do NOT use dollar signs or commas in your answer.

Answer rating: 100% (QA)

Given Information Machinery Cost 50600 Salvage Value 12500 Useful L... View the full answer