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Getz Company purchased a new machine on September 1, 2022, at a cost of $120,000. The company estimated that the machine will have a salvage
Getz Company purchased a new machine on September 1, 2022, at a cost of $120,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for 10,000 working hours during its 5 -year life. Compute the depreciation expense under the Straight-line method for 2022, 2023, and 2024. (Round answers to 0 decimal places, e.g. 15250.) Depreciation expense for: 20225 2023$5 2024$ Compute the depreciation expense under the Units-of-activity for 2022, assuming machine usage was 700 hours. Depreciation expense for 2022 eTextbook and Media Solution List of Accounts Compute the depreciation expense under the Declining-balance using double the straight-line rate for 2022, 2023, and 2024. (Round answers to 0 decimal places, e.g. 15250.) Depreciation expense for: 202252023$20245 Assume the straight-line method is used. What amount of gain or loss would Getz recognize if they sell the asset for $45,000 on 12/31/24? (Round answer to 0 decimal places, e.g. 15250.) $ Assume the double declining balance method is used. What amount of gain or loss would Getz recognize if they sell the asset. for $45,000 on 12/31/24
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