Cactus Company purchased a new machine on August 1, 2019. At that time, the original cost of the machine was recorded at $180,000 with an estimated salvage value of $20,000. Total service hours expected for this machine is 100,000. During 2019, the machine was used for 645 hours. During 2020, the machine was used for 2,975 hours.
What is the amount of depreciation expense recorded by Cactus Company on their year-end 2020 Income Statement?
What is the balance of the Accumulated Depreciation account on Cactus Company's year-end 2020 Balance Sheet?
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