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Calculate the total depreciation expense to be recorded on Machine #5027 for 2020. Pete's Propellers Company showed the following information in its Property, Plant, and
Calculate the total depreciation expense to be recorded on Machine #5027 for 2020.
Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine \#5027. *SL = Straight-line; DDB= Double-declining-balance On January 7,2020 , the machine blade cracked and it was replaced with a new one costing $13,600 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be increased to a total of 16 years instead of 15 years and that the residual value should be increased to $10,200. 2. Calculate the tota/ depreciation expense to be recorded on Machine #5027 for 2020 . Answer is complete but not entirely correctStep by Step Solution
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