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On January 1, 2020, Oriole Corp. acquired a machine at a cost of $930000. It is to be depreciated on the straight-line method over a
On January 1, 2020, Oriole Corp. acquired a machine at a cost of $930000. It is to be depreciated on the straight-line method over a 5-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in Oriole's 2020 financial statements. The oversight was discovered during the preparation of Oriole's 2021 financial statements. Depreciation expense on this machine for 2021 should be
$232500.
$372000.
$186000.
$0.
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