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On Jan. 1, 2019, Cavanagh Co. purchased machinery for $729,000. At the end of its 3-year service life, it is estimated that the machinery will
On Jan. 1, 2019, Cavanagh Co. purchased machinery for $729,000. At the end of its 3-year service life, it is estimated that the machinery will be worth $30,000. What is the amount of depreciation expense that would be recorded in the adjusting entry on Dec. 31, 2021 (end of the third year) using the double-declining balance method of depreciation?
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