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On January 1, 2017, Garrett Company purchased a machine costing $350,000. The machine is in the MACRS 5-year recovery class for tax purposes and has

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On January 1, 2017, Garrett Company purchased a machine costing $350,000. The machine is in the MACRS 5-year recovery class for tax purposes and has an estimated $70,000 salvage value at the end of its economic life. Reference: Ref 11-3 Assuming the company uses the general MACRS approach, the amount of MACRS deduction for tax purposes for the year 2017 is $70,000. $112,000. $56,000. $140,000

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