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Gee Company purchased a machine on July 1, 2017 for 750,000. The machine had a useful life of 10 years with residual value of 42,000.

Gee Company purchased a machine on July 1, 2017 for 750,000. The machine had a useful life of 10 years with residual value of 42,000. During 2020, it became apparent that the machine would become uneconomical after December 31, 2020, and that the machine would have no residual value. What is the charge for depreciation in 2020?

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