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On January 1, 2017 Ohio Corporation (a calendar-year corporation) bought a machine for $25,000 cash. The estimated useful life was four years, and the residual
On January 1, 2017 Ohio Corporation (a calendar-year corporation) bought a machine for $25,000 cash. The estimated useful life was four years, and the residual value was $3,000. Assume that the estimated useful life in units is 100,000 units. Units produced were 30,000 in 2017 and 14,000 in 2018.
Required:Calculate depreciation expense, accumulated depreciation, and book value for 2017 and 2018 under the straight-line, units-of-production, and double-declining balance methods.
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