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On January 1, 2019, Woodstock, Inc. purchased a machine costing $38,000. Woodstock also paid $1,600 for transportation and installation. The expected useful life of the

On January 1, 2019, Woodstock, Inc. purchased a machine costing $38,000. Woodstock also paid $1,600 for transportation and installation. The expected useful life of the machine is 6 years and the residual value is $4,800. How much is the annual depreciation expense, assuming use of the straight-line depreciation method?

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