___ is a set of possible pay rates defined by a minimum, maximum, and midpoint of pay for employees holding a particular job.

A labor _____ is an organization of employees formed to protect and advance members' interests by bargaining with management over job-related issues.

Fill in the blank(s) with the appropriate word(s).

Since 2001, TSAY Steel has replaced all its major manufacturing equipment and now has the following equipment recorded in the appropriate accounts. TSAY uses a calendar year as its fiscal year. A forge purchased January 1, 2000, for $100,000. Ordinary and necessary installation costs were $20,000, and the forge has an estimated 5-year life with a salvage value of $10,000. A grinding machine costing $45,000 purchased January 1, 2002. The machine has an estimated 5-year life with a salvage value of $5,000. A lathe purchased January 1, 2004 for $60,000. The lathe has an estimated 5-year life and a salvage value of $7,000. Using the straight-line depreciation method, TSAY's 2004 depreciation expense is:

a. $45,000 b. $40,334 c. $40,600 d. $40,848