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On January 1, 2022, Morningstar Co. purchased a machine at $30,000. The firm estimates that the asset will have a useful life of five years

On January 1, 2022, Morningstar Co. purchased a machine at $30,000. The firm estimates that the asset will have a useful life of five years and expects a $3,000 scrap value at the end of its useful life. What is the depreciation expense in the first year if Morningstar uses the double-declining balance method?

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