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A company purchased machinery in 2018 . The machinery cost $80,000, had an expected life of 10 years, an expected salvage value of $10,000 and
A company purchased machinery in 2018 . The machinery cost $80,000, had an expected life of 10 years, an expected salvage value of $10,000 and was being depreciated using the straight line method. In 2021, the company reevaluated its estimates and determined the machine would likely have no salvage value at the end of its life. Prepare the entry to record depreciation in 2021
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