Answer Happy

On January 1, 2019, Pharoah Corporation acquired a small mine for $35 million along with equipment costing $8 million. Management estimated at that time that the mine should produce 70,000 ounces of gold and have no residual value while the equipment would have a useful life of eight years and no residual value. In 2019 and 2020, the company produced 2,000 and 2,400 ounces of gold, respectively. The company uses the straight-line method of depreciation for its equipment, and its year end is December 31.
Calculate the equipment's accumulated depreciation and carrying amount at the beginning of 2021. Equipment's accumulated depreciation Carrying amount 10