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On January 1, 2014, Foley Co. purchases machinery for $120,000 with an estimated salvage value of $12,000. Foley estimates that the useful life of the

On January 1, 2014, Foley Co. purchases machinery for $120,000 with an estimated salvage value of $12,000. Foley estimates that the useful life of the machinery is 8 years, and Foley uses the double-declining balance method of depreciation. (T or F) Foley should record depreciation expense for 2017 on this machinery of $24,000.

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