Harding Corporation acquired real estate that contained land building and equipment. The property cost Harding $1,235,000. Harding paid $280,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values:
Land, $296,000;
Building, $880,000 and Equipment, $584,000.
(Round your intermediate percentages to the nearest whole number: i. e 0.054231-5%. Do not round any other intermediate calculations.)
Assume that Harding uses the units-of-production method when depreciating its equipment. Harding estimates that the purchased equipment will produce 1,030,000 units over its 5 year useful life and has salvage value of $17,000. Harding produced 268,000 units with the equipment by the end of the first year of purchase.
Required:
1. What amount is closest to the amount Harding will record for depreciation expense for the equipment in the first year?
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Harding Corporation acquired real estate that contained land building and equipment. The property co...
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