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Shoe shop and Hamilton Company purchased a machine for $7,000 on January 1, 2016. The machine has been depreciated using the straight-line method assuming it

Shoe shop and Hamilton Company purchased a machine for $7,000 on January 1, 2016. The machine has been depreciated using the straight-line method assuming it has a four-year life with $1,000 residual value. Hamilton sold the machine on January 1, 2018 for $7,400. What is the book value of the machine on Dec 31 2017?

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