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Taylor Company purchased a machine for $9,800 on January 1, 2019. The machine has been depreciated using the straight-line method assuming it has a five-year

Taylor

Company purchased a machine for $9,800

on January 1, 2019.

The machine has been depreciated using the straight-line method assuming it has

a five-year life with a $1,400 residual value. Taylor sold the machine on January 1, 2021, for $7,600.

What is the book value of the machine on December 31, 2020?

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