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On January 1, Woodstock, Inc. purchased a machine costing $50,200. The expected useful life of the machine is 7 years, and the residual value is

On January 1, Woodstock, Inc. purchased a machine costing $50,200. The expected useful life of the machine is 7 years, and the residual value is $5,400. How much is the annual depreciation expense using the straight-line method? Multiple Choice $7,171 $6,400 $7,000 $7,267

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