Asset 2 On September 1, 2024 Hаllоween Cоmpаny purchаsed new equipment fоr $500,000. The company plans on using the equipment for 10 years. During that time, it is expected the equipment will be used for a total of 30,000 machine hours. At the end of 10 years, it is estimated that the equipment will be sold for $50,000. During 2024, the equipment was used for a total of 4,500 machine hours. Halloween Company has chosen to use the Activity Method to depreciate Asset 2. Depreciation expense to be recorded for Asset 2 for the fiscal year ended, 2024 is: