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Renkas Company purchased a machine for $12,400 on January 1, 2016. The machine has been depreciated using the straight-line method assuming it has a fifteen-year

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Renkas Company purchased a machine for $12,400 on January 1, 2016. The machine has been depreciated using the straight-line method assuming it has a fifteen-year life with a $1,600 residual value. Renkas sold the machine on January 1,2018, for $8,400 What is the book value of the machine on December 31,2017 ? A. $10,960 B. 5771 C. $12,400 D. $10,800

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