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JJ Corporation purchased a machine on July 1, 20x0 for $750,000. The machine was estimated to have a useful life of 10 years with a
JJ Corporation purchased a machine on July 1, 20x0 for $750,000. The machine was estimated to have a useful life of 10 years with a salvage value of $46,000. JJ uses the sum-of-years-digits method to depreciate this class of equipment. During 20x3, it became apparent that the machine would become uneconomical to operate after December 31, 20x6, and that the machine would have no salvage value.
What amount should be reported for Depreciation Expense as of December 31, 20x3
I got 281600, not sure if this is correct. Please show work
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