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On January 1, 2023, Logan Manufacturing Corporation (LMC) purchased a machine for $40 700 000....

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Accounting

On January 1, 2023, Logan Manufacturing Corporation (LMC) purchased a machine for $40 700 000. Logan's management expects to use the machine for 27 000 hours over the next six years. Logan's management estimates the residual or salvage value of the machine at $47 000. The machine was utilized for 3 900 hours in 2023 and 5 300 hours in 2024. In accordance with GAAP, Logan has appropriately adopted the units-of-production depreciation method. In accordance with GAAP, what amount of depreciation expense should Logan report for the years ended 2023 and 2024

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