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Thornton Industries purchased a machine for $50,000 and is depreciating it with the straight-line method over a life of 10 years, using a residual value
Thornton Industries purchased a machine for $50,000 and is depreciating it with the straight-line method over a life of 10 years, using a residual value of $ 3,400 . At the beginning of the sixth year, an extraordinary repair was made costing $4,800, the estimated useful life was extended to 13 years, and no change was made to the estimated residual value. |
Calculate depreciation expense for year 6.
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