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Jones Company bought a Drill Press on January 1, 2015 to use in production of Aluminum fishing boats. The press cost $5,000; has a
Jones Company bought a Drill Press on January 1, 2015 to use in production of Aluminum fishing boats. The press cost $5,000; has a useful life of 8 years and 100,000 boats; a salvage value of $1,000. In year four, 10,000 boats were produced. Depreciation is recorded annually on December 31. Assume the remaining useful life is changed to 4 years on January 1, 2018. Assume all else remains the same. What is depreciation expense for 2018 under straight line depreciation? a. O b. 208 c. 333 d. 500 e. none of the above
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