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On January 1, 2022, Locke Company, a small machine-tool manufacturer, acquired for $5,750,000 a piece of new industrial equipment. The new equipment had a useful
On January 1, 2022, Locke Company, a small machine-tool manufacturer, acquired for $5,750,000 a piece of new industrial equipment. The new equipment had a useful life of 10 years, and the salvage value was estimated to be $850,000. Locke estimates that the new equipment can produce.
Use the following depreciation methods to calculate the depreciation expense for 2022, 2023, and 2024
(1) Straight-line
(2) Double-declining balance
(3) Sum-of-years'-digits
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