On May 1, 2020, Maxim Corporation acquired equipment for $235,000. The estimated life of the...
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Accounting
On May 1, 2020, Maxim Corporation acquired equipment for $235,000. The estimated life of the equipment is 3 years or 30,000 hours. The estimated residual value is $10,000. What is the depreciation for 2020, if Maxim Corporation uses the asset 6,500 hours and uses the activity-based depreciation method? (round to the nearest dollar)
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