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A wood shop production machine is to be purchased on August 1 of this year. It is categorized as a 7 year depreciation item for
A wood shop production machine is to be purchased on August 1 of this year. It is categorized as a 7 year depreciation item for IRS purposes. The purchase price is $90,000 and it will have a salvage value of $6,000. Make a spreadsheet of the annual depreciation allowance and book value at the end of each year over the course of its 12 year life assuming MACRS-GDS.
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