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Please provide thorough explanation. If possible, please type or ensure response is legible. XYZ company purchased a machine for the manufacture of springs for $24,000.

Please provide thorough explanation. If possible, please type or ensure response is legible.

XYZ company purchased a machine for the manufacture of springs for $24,000. The useful life of the machine is 8 years and the salvage value after 8 years is $4000. If the company uses straight line depreciation, what is the book value at the end of year 3?

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