Mendocino Gas and Storage uses the units-of-production method of depreciation. A piece of equipment costing $112,500 has 360,00 . estimated hours of operation and an estimated scrap value of $8,100 . It operated 56,00 . hours in the first year. Compute the depreciation expense for the first year
$16,240
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Indicate whether the statement is true or false
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a. What do we do next? b. What is going on here? c. What is the plan? d. Who is involved?