On January 1, 2021, Hobart Mfg. Co. purchased a drill press at a cost of $36,000. The drill press is expected to last 10 years and has a residual value of $6,000. During its 10-year life, the equipment is expected to produce 500,000 units of product. In 2021 and 2022, 25,000 and 84,000 units, respectively, were produced.
Depreciation year one - $7,200
Depreciation year two - : $7,200
Book value year one - $28,800
Book value year two - $21,600
Depreciation year one - $3,600
Depreciation year two - $3,600
Book value year one - $32,400
Book value year two - $28,800
Depreciation year one - $7,200
Depreciation year two = $5,760
Book value year one - $28,800
Book value year two = $23,040
Depreciation year one - $14,400
Depreciation year two = $8,640
Book value year one - $21,600
Book value year two = $12,960
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