(L01) Lockard Company purchased machinery on January 1, 2017, for $80,000. The machinery is estimated to have...
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(L01) Lockard Company purchased machinery on January 1, 2017, for $80,000. The machinery is estimated to have a salvage value of $8,000 after a useful life of 8 years.
(a) Compute 2017 depreciation expense using the straight-line method.
(b) Compute 2017 depreciation expense using the straight-line method assuming the machinery was purchased on September 1, 2017.
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