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Costco Wholesale Corporation purchased machinery for $800,000 on January 1, 2024. The machinery has a useful life of 7 years and a salvage value of

ยทCostco Wholesale Corporation purchased machinery for $800,000 on January 1, 2024. The machinery has a useful life of 7 years and a salvage value of $80,000. Calculate the depreciation expense for the year ended December 31, 2024, using the straight-line method. Also, calculate the carrying amount of the machinery at the end of 2024. Costco Wholesale Corporation reported a net income of $40,000,000 for the year.

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