Multiple Choice
On January 1,2016,Milton Manufacturing Company purchased equipment with a list price of $88,000.A total of $4,000 was paid for installation and testing.During the first year,Milton paid $6,000 for insurance on the equipment and another $2,200 for routine maintenance and repairs.Innovative uses the units-of-production method of depreciation.Useful life is estimated at 100,000 units,and estimated salvage value is $8,000.During 2016,the equipment produced 13,000 units.What is closest to the amount of depreciation for the year?
A) $10,920
B) $11,960
C) $11,700
D) $12,740
Correct Answer:
Verified
Correct Answer:
Verified
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