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On January 1 , Year 1 , Diamond Brokers Company purchased a diamond cutting machine with a total cost of $ 2 2 , 8

On January 1, Year 1, Diamond Brokers Company purchased a diamond cutting machine with a total cost of $22,800. The company estimates that the machine will have a 20-year useful life and a salvage value of $3,400. The company has elected to depreciate the machine using the straight-line method.

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