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A business purchased a machine for $7500,000. The expected life of the machine is 5 years and straight line depreciation rate is 20%. the machine

A business purchased a machine for $7500,000. The expected life of the machine is 5 years and straight line depreciation rate is 20%. the machine is expected to have a residual value of $10,000.

Using the double-declining balance method of depreciation, what is the correct book value for the machine at the end of the first year?

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