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On January 1, 2017, Vacation Ready purchased a new plant for $250,000 that will be depreciated using the straight-line method. The company spent $50,000 getting
On January 1, 2017, Vacation Ready purchased a new plant for $250,000 that will be depreciated using the straight-line method. The company spent $50,000 getting the plant ready for use. The company estimated that the building would have a useful life of 10 years and a salvage value of $100,000. On December 31, 2019, before closing the books for the year (i.e., before any depreciation had been recorded), based on new information the company revised their estimate of the salvage value to $125,000. Depreciation expense recorded for 2019 should be: (Round your answer to the nearest dollar)
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