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A machine costing $56,482 with an 8-year life and $53,353 depreciable cost was purchased on January 1. Compute the yearly depreciation expense using straight-line depreciation.

A machine costing $56,482 with an 8-year life and $53,353 depreciable cost was purchased on January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the nearest dollar. $ per year

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