Assignment:

You have been given the following information for Corky Bedding Corp.:

• Net sales = $11,000,000.
• Cost of goods sold = $7,400,000.
• Other operating expenses = $100,000.
• Addition to retained earnings = $1,050,000.
• Dividends paid to preferred and common stockholders = $300,000.
• Interest expense = $840,000.

The firm tax rate is 40 percent.

Required:

Question: Calculate the depreciation expense for Corky Bedding Corp.

Note: Please show how to work it out.