Use the following information for the Quick Studies below. $($Algo$)$

$[$The following information applies to the questions displayed below$]$

On January $1,$ the Matthews Band pays $$67000$ for scund equipment The band estimates it will use this equipment for five years and perform $200$ concerts. It estimates that atter five years it can sell the equipment for $$2,000.$ During the first year, the band performs $55$ concerts.

QS $8-5($Algo$)$ Units$-$of$-$production depreciation LO P$1$

Compute the first$-$year depreciation using the units$-$of$-$production method.