Response to the following problem:
Copy equipment was acquired at the beginning of the year at a cost of $56,000 that has an estimated residual value of $8,000 and an estimated useful life of 5 years. It is estimated that the machine has an estimated 1,000,000 copies. This year 240,000 copies were made. Determine the
(a) depreciable cost,
(b) depreciation rate, and
(c) the units-of-production depreciation for the year.