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Please solve this question its urgent Question 1: 10 Marks Caterpillar purchased a machine with a cash price of $425000 on January 1, 2011. It
Please solve this question its urgent
Question 1: 10 Marks Caterpillar purchased a machine with a cash price of $425000 on January 1, 2011. It also spent $10000 for installing the machine, $20000 for testing the machine and another $20000 for oil and lubricants. It was estimated that this machine would have a useful life of 8 years and a salvage value of $15000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of machine. Depreciation is to be recorded at the end of each year. During 2014, the company's technician reconsidered their expectations and estimated that the equipment's useful life would probably be 10 years instead of 8 years. The estimated salvage value will remain unchanged. During 2016, the technician realized that they were using inappropriate depreciation method and considered to use triple declining balance method from now on. In 2019, they changed their estimation of salvage value to $2000. Required: Construct a table to show the amount of depreciation should be recorded each year during the lifetime of the machine. (Answer should include all necessary calculations and columns in the table)Step by Step Solution
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