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Bradley Company purchased a machine for $34,000 on January 1, 2011. It depreciates the machine using the straight-line method over a useful life of 8
Bradley Company purchased a machine for $34,000 on January 1, 2011. It depreciates the machine using the straight-line method over a useful life of 8 years and a $2,000 residual value. On January 1, 2013, Bradley revised its estimate of residual value to $1,000 and shortened the machine's useful life to 4 more years. Depreciation expense for 2013 is:
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