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Penny Lane and Associates purchased a generator on January 1, 2015, for $6,300. The generator was estimated to have a five-year life and a salvage
Penny Lane and Associates purchased a generator on January 1, 2015, for $6,300. The generator was estimated to have a five-year life and a salvage value of $600. At the beginning of 2017, the company revised the expected life of the asset to six years and revised the salvage value to $300. Using straight-line depreciation, the depreciation expense recorded in 2017 would
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