Problem
On January 2, 2016 Rogers Corporation acquired equipment for $120,000. The estimated life of the equipment is 5 years or 20,000 hours. The estimated residual value is $20,000. If Rogers Corporation uses the straight-line method of depreciation, what will be the debit to Depreciation Expense for the year ended December 31, 2017, during which period the asset was used 4,500 hours?