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Ivanhoe Inc., reported the following information about two of its machines as at December 31, 2019. Machine Date Acquired Cost Useful Life (in years)

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Ivanhoe Inc., reported the following information about two of its machines as at December 31, 2019. Machine Date Acquired Cost Useful Life (in years) Residual Value #1 Jan. 1, 2011 $775,400 20 $41,120 #2 Jan. 1, 2019 $122,910 5 $4,910 (a) Calculate the annual depreciation for each asset using the straight-line method. Machine 1 $ Machine 2 $

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