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On January 1,2020 a company purchases a machine for $30,000 which includes $25,000 for the cost of the machine and $5.000 for sales tax and

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On January 1,2020 a company purchases a machine for $30,000 which includes $25,000 for the cost of the machine and $5.000 for sales tax and shipping costs. The machine is expected to last 10 years and have a salvage value of $5,000. The company uses straight line depreciation. The depreciation expense for 2020 is computed as: The entry to record the depreciation expense is

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