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On September 30 of the current year, a company acquired and placed in service a machine at a cost of $700,000. It has been estimated
On September 30 of the current year, a company acquired and placed in service a machine at a cost of $700,000.
It has been estimated that the machine has a service life of 5 years and a salvage value of $40,000.
Required:
Using the double-declining-balance method of depreciation, prepare a schedule showing depreciation amounts for the current year and the first 3 years (round answers to the nearest dollar). The company closes its books on December 31 of each year.
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