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3. Babson Co. purchased a machine 3 years ago for $140,000. The machine had no salvage value and was depreciated using the straight-line method
3. Babson Co. purchased a machine 3 years ago for $140,000. The machine had no salvage value and was depreciated using the straight-line method over 7 years. After 3 years and $ 60,000 of depreciation was recorded, the company believes the estimated useful life of the equipment should be changed to 10 years. Calculate depreciation for year 4. Show your work for partial credit.
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