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Publications Unlimited purchased machinery for $20,000 on March 1, 20X1. The machinery has an estimated useful life of 10 years and an estimated salvage value

Publications Unlimited purchased machinery for $20,000 on March 1, 20X1. The machinery has an estimated useful life of 10 years and an estimated salvage value of $2,000. As of March 31, 20X1, after the firm has recorded the adjusting entry for depreciation of this machinery, what is the book value of the machinery?

Multiple Choice

$20,000

$19,850

$18,000

$17,850

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