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Ron's Quik Shop bought machinery for $125,000 on January 1, 2019. Ron estimated the useful life to be 5 years with no residual value, and

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Ron's Quik Shop bought machinery for $125,000 on January 1, 2019. Ron estimated the useful life to be 5 years with no residual value, and the straight-line method of depreciation will be used. On January 1, 2021, Ron decides that the business will use the machinery for a total of 7 years. What is the revised depreciation expense for 2021? A. $20,000 B. $15,000 C. $16,667 D. None of the above

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