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Jim Company bought a machine for $31,200 with an estimated life of 5 years. The residual value of the machine is $5,200. Assume straight-line depreciation.

Jim Company bought a machine for $31,200 with an estimated life of 5 years. The residual value of the machine is $5,200. Assume straight-line depreciation. a. Calculate the annual depreciation. b. Calculate the book value at the end of year 3

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