Ironworks Industries paid $120,000 for a machine with a $10,000 salvage value and an estimated life of 200,000 hours.
Ironworks reports on a calendar year basis and used the machine for 2,500 hours during the first year it owned the asset. Which of the following statements accurately compare the first year depreciation expense if the asset had been purchased on January 1 of the current year versus a March 1 acquisition date. (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.)
◦ Depreciation Expense if acquired January 1 is $1,375 and if acquired March 1 is $1,146.
◦ In both cases, the Depreciation Expense is $1,375.
◦ Depreciation Expense if acquired January 1 is $1,375 and if acquired March 1 is $1,031.
◦ Depreciation Expense if acquired January 1 is $1,500 and if acquired March 1 is $1,250.
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