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A company uses the straight line method of depreciation for all its non-current assets. On 1 January, the company bought machinery on hire purchase.

A company uses the straight line method of depreciation for all its non-current assets. On 1 January, the company bought machinery on hire purchase. The cash price was $115 000 and the interest for the year is $19 550. The estimated useful life of the machinery is five years with no residual value. What is the charge for depreciation for the year ended 31 December?

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