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Problem 3 (12 points) On 1/1/20, SES Corp purchased a machine for $180,000. At that time, the company estimates the useful life of the equipment

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Problem 3 (12 points) On 1/1/20, SES Corp purchased a machine for $180,000. At that time, the company estimates the useful life of the equipment to be 8 years with a residual value of $16,000. SFS uses the straight-line method to depreciate the equipment and prepares financial statements once a year on December 31. On 1/1/22, the company revises the useful life estimate to a total of 6 years, with a residual value of $3,000. A. Provide the necessary adjusting journal entry on 12/31/20 to record depreciation B. What is the book value of the equipment on 1/1/22? Enter final answer in the space provided below. Net Book Value = c. What amount should the company record as depreciation expense for 2022? Enter your final answer in the space provided. 2022 Dep. Exp. =

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