Elvis Costello Company purchased a new machine on October 1, 1998, at a cost of ($ 96,000).
Question:
Elvis Costello Company purchased a new machine on October 1, 1998, at a cost of \(\$ 96,000\). The company estimated that the machine has a salvage value of \(\$ 12,000\). The machine is expected to be used for 84,000 working hours during its 6 -year life.
\section*{Instructions}
Compute the depreciation expense under the straight-line method for 1998 and 1999.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9780471169192
1st Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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