Norwood, Inc purchased a crane at a cost of $80,000 . The crane has an estimated residual value of $5,000 and an estimated life of 8 years, or 12,500 hours of operation. The crane was purchased on January 1, 2015 and was used 2,700 hours in 2015 and 2,600 hours in 2016. Refer to the information about Norwood, Inc What amount will Norwood, Inc report as depreciation expense over the 8-year life of
the equipment?
a. $60,000
b. $72,000
c. $75,000
d. $80,000
c
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